K HUTHISON HOLDINGS LIMITED 2014
100% 45.31% 49.97% 24.47% 12.23% TOM 65.01% 75.67% 38.87%
ONTENTS 2 3 4 10 16 28 32 40 59 88 102 108 114 170 172 178 188 1 Group Structure 2 Ten Year Financial Summary 3 Results Highlights 4 The Year at a Glance 10 Report of the hairman and the Managing Director 15 Management Discussion and Analysis 24 Directors Biographical Information 28 Key Personnel s Biographical Information 35 Risk Factors 39 Report of the Directors 54 orporate Governance Report 78 orporate Social Responsibility 84 Highlights of Development Projects 90 Schedule of Major Properties 96 Financial Statements 137 Independent Auditor s Report 138 Listed Affi liated ompanies 144 orporate Information and Key Dates
2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 14,358 15,346 15,442 16,436 24,293 32,863 42,359 31,106 32,314 31,218 12,992 16,983 29,171 12,721 20,304 26,750 45,957 32,036 35,260 53,869 210 205 298 201 419 323 204 372 712 739 13,202 17,188 29,469 12,922 20,723 27,073 46,161 32,408 35,972 54,608 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 9,612 10,222 10,560 11,624 10,696 10,399 11,233 10,145 9,977 17,454 11,710 14,508 15,497 15,670 19,433 21,170 25,180 29,656 28,777 33,285 124,032 130,460 143,376 145,524 148,185 154,568 178,606 187,348 196,812 216,841 23,418 24,935 24,456 30,207 33,650 40,671 56,929 63,303 65,659 68,754 7,572 8,925 11,016 5,771 7,470 9,639 8,507 11,928 10,407 11,482 31,126 46,067 52,768 56,659 56,455 59,172 56,975 84,156 101,739 78,775 207,470 235,117 257,673 265,455 275,889 295,619 337,430 386,536 413,371 426,591 18,683 27,609 23,655 31,258 25,279 22,027 23,020 43,001 39,452 19,522 378 4,432 4,517 2,598 664 761 850 883 1,098 1,022 188,409 203,076 229,501 231,599 249,946 272,831 313,560 342,652 372,821 406,047 1,158 1,158 1,158 1,158 1,158 1,158 1,158 1,158 1,158 10,489 9,331 9,331 9,331 9,331 9,331 9,331 9,331 9,331 9,331 173,155 187,323 215,597 216,759 235,646 258,521 295,211 323,354 350,192 383,656 183,644 197,812 226,086 227,248 246,135 269,010 305,700 333,843 360,681 394,145 4,648 5,652 9,048 9,045 4,765 5,264 3,415 4,351 3,811 3,821 3,212 3,157 3,092 2,857 188,409 203,076 229,501 231,599 249,946 272,831 313,560 342,652 372,821 406,047 79.29 85.41 97.61 98.11 106.27 116.14 131.99 144.14 155.72 170.17 5.61 7.33 12.59 5.49 8.77 11.55 19.84 13.83 15.22 23.26 2.00 2.20 2.45 2.45 2.70 2.95 3.16 3.16 3.48 10.654 7.000 0.42 0.46 0.50 0.50 0.50 0.50 0.53 0.53 0.58 0.638 3.016 1.58 1.74 1.95 1.95 2.20 2.45 2.63 2.63 2.90
3 56,000 24 49,000 21 42,000 18 35,000 15 28,000 12 21,000 9 14,000 6 7,000 3 0 0 05 06 07 08 09 10 11 12 13 14 05 06 07 08 09 10 11 12 13 14 12.00 180 10.50 160 9.00 140 7.50 120 6.00 100 4.50 80 3.00 60 1.50 40 0.00 20 05 06 07 08 09 10 11 12 13 14 05 06 07 08 09 10 11 12 13 14
4 1 2 3 4 1. 2015 2 26 2014 1-3 1 3 4 2 2. 2015 1 9 3. 4. DIVA DIVA
5 1 2 3 4 1. 1 2. 3 2 4 3. Park N Fly 4. 4-6 2014 7 Park N Fly
6 1 2 3 4 1 2 1. 2. BI Asia Awards 2014 4-6 3 4 3. 4. 15 119 11 BI Asia Awards 2014 2014
7 1 2 1 2 1. I 2. 2014 7-9 I 2014 30
8 2 1 3 5 4 1. Envestra 2 2. 2014 1 3. 10-12 5 4 3 4. Accipiter group 5. M Aviation Partners Inc. EnvestraAustralian Gas Networks2014 II 2014 2014
9 1 2 3 1. 1881 Heritage 1 3 2 2. 2014 3. 10-12 2014 2014 2014 2015 1881 Heritage 2014 2014
10
11 622 16 2014 2013 31,218 32,314-3% 15,301 17,915-15% 5,017 1,801 +179% 20,318 19,716 +3% 12,985 15,544-16% 12,540 8,026 53,869 35,260 +53% 23.26 15.22 +53% 3.016 2.90 +4% 3.654 3.48 +5% 7.00
12
13 Envestra Limited EnvestraAustralian Gas Networks Limited Envestra Eversholt Rail GroupEversholt Rail Eversholt Rail
14
15
16 62216
17 1. 70 128,544 E 1381 A 8,106 100% B N1 O1 157 23,225 100% 183 70,459 100% I 403 113,064 6494 29,649 The Vision 33,600 50% 13,581 29.4% 1A 80,000 50% 3,000 50% 1 154,486 50% 5A
18 15,343 50% 1B 36,419 50% 2 170,787 50% 3B 64,398 49.91% E1 E2 21,293 50% 1B 141,045 45% 348 100,494 42.5% 2B 4 23,453 50% 1A 89,357 50% 1
19 2. 354 30,099 100% 11120 33,979 100% 183 16,892 100% II DIVA 3319 6,606 100% 556 9,740 100% 11125 36,630 80% 121 6,076 100% 2129 43,781 100% 65,183 100% 3 99,462 30% 2B 21 132,263 40% 23 103,310 29.4% 1B 138,904 50% 911 104,253 24.75%
20 235,456 50% 1A 1B 72,414 50% 4A 4B 148,015 50% 5B 198,383 47.5% 18A 73,175 50% G19 73,869 49.91% D2b 45,846 50% 1A 2A 76,963 50% 4A 1,500 50% 1A 359,198 50% 1 2 225,797 45% 6 17 80,230 50% 1 2 16 151,126 50% 1 2A 218,457 25%
21 35,980 42.5% 5A G/M H 45,000 25% 198,291 50% 1 476,248 50% 1B 2A 3. (1) 6506 7,507 57,400 (2) (3) Envestra Limited Australian Gas Networks Limited (4) 50% Park N Fly 381,000,000 2,720,000,000
22 (5) (a) GE apital Aviation Services Limited816,000,000 (b) BO Aviation Pte. Ltd.492,000,000 (c) Jackson Square Aviation, LL 584,200,000 M Aviation Partners Inc. MAP 60:40 JV Aviation (HK) Limited Vermillion Aviation Holdings Limited 132,000,000 733,500,000MAP Vermilion Global LimitedVGL (i)vgl (ii)map VGL 50% 40% 10%110,000,00088,000,000 22,000,000 (6) Upper Serangoon Road 89410,097.230,292 50% (7) 50% Eversholt Rail Group (a)1,027,000,000 12,016,930,000(b) (a) 10%(c)10,000,000 117,010,000 (8)
23 (i) I(ii) 2B 4 5A343B (iii)the Vision DIVAII 1B 3Emerald ity 1 2 DIVAII
24 1881 Heritage 1881 Heritage
25 Marina Bay Financial entre AVR-Afvalverwerking B.V. Park N Fly 50% Australian Gas Networks LimitedEnvestra Limited 27.5%
26
27 (1) (2)
28 KBE Grand Officer of the Order Vasco Nunez de Balboa ommandeur de l Ordre de Léopold86 2015 1 9 2015 2 26 2015 2 26 1971 1971 1998 2005 3 1981 Li Ka Shing (anada) Foundation 60 XV 502014 12 11 2015 1 9 2015 2 26 2015 2 26 1985 19931998 1994 19992013 3 / Li Ka Shing (anada) Foundation XV XV 682015 1 9 2015 2 26 2015 2 26 1993 2013 3 Australian Gas Networks LimitedEnvestra Limited 2014 10 17 XV
29 62 2014 12 11 2015 1 9 2015 2 26 2015 2 26 1993 2005 2013 3 ARA Asset Management Limited TOM XV 642015 1 9 2015 2 26 2015 2 26 1993 2013 3 59 2015 1 9 2015 2 26 2015 2 26 19821993 2013 3 XV 58 2015 1 9 2015 2 26 2015 2 26 19871996 2013 3 XV 64 2015 1 9 2015 2 26 2015 2 26 19972000 2013 3 ARA Asset Management Limited ARA Asia Dragon FundARA Fund Management (Asia Dragon) Limited 30 Trent University XV 2015 3 18
30 832015 1 9 1984 2004 9 2001 7 2014 5 63 2015 1 9 1985 Hutchison Telecommunications (Australia) Limited Hutchison Port Holdings Management Pte. Limited HPHM HPHM / / XV 63 2015 1 9 1991 TOM Hutchison Port Holdings Management Pte. Limited HPHM Hutchison Telecommunications (Australia) Limited Hutchison Telecommunications (Australia) LimitedHPHM / XV 772015 1 9 1993 2004 9 XV OBE 792015 1 9 1980 1985 2005 10 2005 11 1980 19841993 / OBE 78 2015 1 9 2013 1972 81997 3 2013 88 2015 1 9 2015 2 26 1989 Amara Holdings Inc. Stanley Kwok onsultants Inc.
31 91 2015 1 9 2015 2 26 1993 BE 75 2015 1 9 2015 2 26 1993 General Enterprise Management Services (International) Limited GEMS Ltd. ompagnie Financière Richemont SA Gulf Keystone Petroleum Ltd GEMS Ltd./ 65 2015 1 9 2015 2 26 1983 1997 42004 10 2004 10 672015 1 9 2015 2 26 2015 2 26 1972 31985 2000 8 2000 92004 10 2004 10 2007 1 1 2006 112012 10 2000 4 2011 8 2008 92014 8 DBE622015 1 92015 2 26 2001 2005 2012 1 1 (Davis) Mars, Incorporated 672015 1 9 2015 2 26 2015 2 26 2004 9 2007 1 1 TOM BTS Group Holdings Public ompany Limited Worldsec Limited 2015 3 18
32 57 1987 12 33 511987 10 32 651993 9 42 451996 6 23 571977 12 37 53 1993 11 30 48 2014 8 19 59 1990 5 37 521991 12 26 51 1997 5 27 55 1987 6 33 462012 1 21 491996 4 25 382011 8 13
33 52 1990 2 30 541993 3 35 55 1992 10 30 38 2008 9 16 511991 9 29 60 2013 3 41 55 1986 11 29 57 1994 6 37 58 2008 5 38 46 1998 6 21 56 2007 8 28 59 1994 9 27 48 2012 7 22 42 2014 1 16
34 52 1998 8 30 621994 7 36 532000 8 32 59 1998 6 40 54 1994 8 2015 3 18 412008 11 16 552015 1 26 45 2010 10 22 442012 8 19 432004 9 19 501997 3 24 45 2001 2 21 46 2003 11 22 461997 3
35 551976 3 34 44 2002 4 21 1 62 1989 933 53 1994 1 32 58 1989 11 29 382009 7 15 402008 7 22 41 2007 9 17 45 2004 8 20 54 1999 3 512005 8 26 461999 3 24 442014 4 22 471995 4 23 362005 6 13 392009 11 16 38 2010 1 14 51 1995 11 22 33 2011 8 6
36 47 1996 2 ARA Asset Management (Fortune) Limited 25 President s ircle 442000 8 e-smart System Inc. imarkets Limited Videofone ompany Limited imarkets Limited imarkets Structured Products Limited 22 FA Institute 432000 7 20 372014 10 12 352000 8 14 50 2001 8 24 43 1995 8 19 44 2001 5 19 42 1998 2 24 38 2008 4 15 36 2008 5 14 461995 7 21 42 2003 6 16 53 1995 12 28 47 1997 5 21
37 54 1998 6 30 47 2003 11 Property Enterprises Development (Singapore) Pte Limited 19 51 1999 1 25 51 1999 9 27 412004 11 16 392002 8 16 392006 8 15 532003 4 28 50 1999 10 27 47 2003 7 24 512003 11 25 46 2002 4 22 452005 9 20 47 2000 8 23 492005 7 23
38 441994 11 20 591987 11 37 482009 1 23 60 1994 11 35 52 1995 8 26 51 1990 6 28 53 2003 10 33 52 2002 9 26 54 2007 6 28 422007 3 19 392006 1 16 442008 4 18 461996 3 26 53 2007 10 21 61 1985 7 31 55 1998 6 30 46 2002 12 23
39 48 1997 2 25 52 1994 1 25 512005 7 24 431996 5 20 41 2008 1 19 561981 6 Goodwell-Fortune Property Services Limited Goodwell-Prosperity Property Services Limited36 491989 5 26 531994 1 Property Enterprises Development (Singapore) Pte Limited 19 44 2001 3 21 37 2007 4 15 51 1990 12 28 55 1985 8 29 461995 5 20 442013 2 14 482012 4 Goodwell-Fortune Property Services Limited Goodwell-Prosperity Property Services Limited 29 53 2014 9 25 551987 5 Goodwell-Fortune Property Services Limited Goodwell-Prosperity Property Services Limited32
40 114119 114 188 2831
41 6 622 132
42 120 169 (i)(ii) 120 8 21124126 2 108113 188 28 31 # 3.13 3.13
43 XVXV 78 352 1. (a) 67,189,000 936,462,744 1,003,651,744 43.33% 1 2 220,000 200,000 1,529,000 936,462,744 938,411,744 40.51% 4 2 10,000 10,000 0.0004% 645,500 64,500 710,000 0.03% 65,600 65,600 0.003% 56,000 10,000 184,000 250,000 0.01% 5 30,000 30,000 0.001% 3,000 3,000 0.0001% 20,000 20,000 0.0009%
44 (b) 94,534,000 2,141,698,773 2,236,232,773 52.45% 1 3 300,000 1,086,770 2,141,698,773 2,143,085,543 50.26% 4 3 60,000 40,000 100,000 0.002% 27,000 28,600 55,600 0.0013% 6,010,875 6,010,875 0.14% 7 200,000 200,000 0.005% 49,931 49,931 0.001% 40,000 9,900 950,100 1,000,000 0.02% 6 1,070,358 55,000 10,000 1,135,358 0.03% 15 130,000 130,000 0.003% 97 97 0% 34,000 34,000 0.0008%
45 1,912,109,945 1,912,109,945 78.37% 9 1,912,109,945 1,912,109,945 78.37% 9 100,000 100,000 0.004% 10,000 10,000 0.0004% 2,835,759,715 4,355,634,570 7,191,394,285 74.82% 14 10 2,250,000 2,835,759,715 4,355,634,570 7,193,644,285 74.84% 14 10 6,225,000 6,225,000 0.06% 2,250,000 2,250,000 0.02% 375,000 375,000 0.004% 900,000 900,000 0.009% 1,125,000 1,125,000 0.01% 1,688,130 2,000 2,970 1,693,100 0.017% 8 1,500,000 1,500,000 0.015% 7 900,000 900,000 0.009% 903,936 903,936 0.009% 753,360 600 11,040 765,000 0.008% 5 200,000 200,000 0.002% 9,000 9,000 0%
46 100,000,000 100,000,000 100% 11 100,000,000 100,000,000 100% 11 Jabrin Limited 10,000 10,000 100% 11 10,000 10,000 100% 11 Kobert Limited 4,900 4,900 100% 11 4,900 4,900 100% 11 Hutchison 4,100,000 1,000,000 5,100,000 0.037% Telecom- 7 munications (Australia) 1,000,000 1,000,000 0.007% Limited
47 403,979,499 3,185,136,120 3,589,115,619 74.48% 1 12 192,000 2,519,250 3,185,136,120 3,187,847,370 66.15% 4 12 1,202,380 1,202,380 0.025% 7 13,201 132 13,333 0.0003% 2. 255,000 255,000 13
48 3. Hutchison 45,792,000 45,792,000 Whampoa 2019 2019 International 7.625% 7.625% (09) Limited 4 Hutchison 4,000,000 4,000,000 Whampoa 2019 2019 International 5.75% 5.75% (09/19) Limited 7 Hutchison 35,395,000 35,395,000 Whampoa International (10) Limited 4 5,000,000 5,000,000 7 1,000,000 1,000,000 Hutchison 16,800,000 16,800,000 Whampoa International (12) Limited 4 PHBS Limited 9,100,000 9,100,000 1
49 (1) (2) 936,462,744 The Li Ka-Shing Unity Discretionary Trust DT1DT2 Li Ka-Shing Unity Trustee orporation LimitedTDT1DT1 Li Ka-Shing Unity Trustcorp LimitedTDT2DT2 The Li Ka-Shing Unity Trust UT1 DT1 DT2 Li Ka-Shing Unity Trustee ompany Limited TUT1UT1TUT1 UT1 TUT1936,462,744 TUT1 DT1 DT2Li Ka-Shing Unity Holdings Limited Unity Holdco Unity Holdco TUT1 Unity HoldcoUnity Holdco DT1 DT2 DT1 DT2 TUT1 UT1TUT1 (3) 2,141,698,773 (a) 2,130,202,773(2)
50 (b) 11,496,000Li Ka-Shing astle Trustee ompany Limited TUT3 The Li Ka-Shing astle TrustUT3DT3DT4 Li Ka-Shing astle Trustee orporation Limited TDT3DT3 Li Ka-Shing astle Trustcorp LimitedTDT4DT4UT3 DT3 DT4 TUT3 DT3 DT4Li Ka-Shing astle Holdings Limited astle Holdco astle Holdco TUT3 astle Holdcoastle Holdco DT3 DT4 DT3 DT4 TUT3 UT3 (4) (5) (6) (7) (8)
51 (9) 1,912,109,945 (a) (b) 1,906,681,945 (2) 5,428,000TUT1 UT1 (2)TUT1 UT1 (10) 4,355,634,570 (2) (11) TUT1 UT1 (2)TUT1 UT1 (12) (a) (b) 3,184,982,84052,092,587 3,132,890,253(2) (3) 153,280 TUT3 UT3 (3)(b) DT3 DT4 DT3 DT4 TUT3 UT3 (13) 17,000 15
52 (14) 2,835,759,715 (15) (2) 13(1) XV XV78 352
53 XV23336 1. The Li Ka-Shing Unity Trust 936,462,744 40.43% Li Ka-Shing Unity Trustee ompany Limited 1 The Li Ka-Shing Unity Discretionary Trust 936,462,744 40.43% Li Ka-Shing Unity Trustee 1 orporation Limited 936,462,744 40.43% Li Ka-Shing Unity Trustcorp Limited 1 2. (a) / JPMorgan hase & o. (i) 12,644,665 ) (ii) 31,725,155 ) (iii) 17,597 ) (iv) / 81,971,328 ) 126,358,745 5.45% 2 (b) / JPMorgan hase & o. 15,273,321 15,273,321 0.65% 3
54 (c) / JPMorgan hase & o. / 81,971,328 81,971,328 3.53% (1) 936,462,744 TUT1 UT1 TDT1 DT1TDT2 (2) (2) 4,336,909 2,218,027 49,0001,054,909 1,014,973 (3) 15,273,321 340,000 3,014,50011,918,821 XV23 336
55 (a) GE apital Aviation Services Limited 816,000,000 (b) BO Aviation Pte. Ltd. 492,000,000 (c) Jackson Square Aviation, LL584,200,000 M Aviation Partners Inc. MAP 60:40 JV Aviation (HK) Limited Vermillion Aviation Holdings Limited132,000,000 733,500,000MAP Vermilion Global LimitedVGL (i) VGL(ii)MAP VGL50% 40% 10%110,000,000 88,000,00022,000,000 JPMorgan hase & o. 2,880,020
56 1. (1) (2) (3) (4) (5) (6) (7) 2. (1) (2) (3) (4) (5) (7) (1) (2) (3) (4) (5) (7) (4) (5) (4) (5) (7) (5) (7) (4) (1) (2) (3) (4) (5) (7) (4) (5) (4) (5) (7) (5) (7) (1) (2) (3) (4) (5) (5) (7) TOM (5) (7) ARA Asset Management Limited (3) (5) (3) ARA Trust Management (3) (Suntec) Limited (1) (2) (3) (1) (5) (6) (5)
57 ARA Asset Management Limited (3) (5) (3) ARA Trust Management (3) (Suntec) Limited ARA Asia Dragon Limited (1) (3) (3) Rich Surplus Limited (1) (2) Rich More Enterprises Limited (1) (1) (2) (3) (4) (5) (7) (4) (5) (4) (5) (7) (1) (7) (4) (1) (2) (3) (4) (5) (7) (4) (5) (4) (5) (7) TOM (5) (7) (7) (1) (2) (3) (4) (5) (7) (4) (5) (1) (2) (3) (4) (5) (7) ARA Trust Management (Suntec) Limited ARA Trust Management (Suntec) Limited
58 ## 7476.3
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72 / E.1.3.1.3 171.1.4.1.5.2
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97 () DIO ISO 100% 97.78%Nature Science top 100%(USMLE-Step 1) 96.15%91% (Guangdong Technion-Israel Institute of Technology-GTIIT) Dan ShechtmanED (Engineering for Developing ommunities) ()
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108 2014 12 31 A. / DIVA I.L. 3319 R.P. 100.0% 722 T.P.T.L. 183 100.0% 126,347 K.I.L. 11120 100.0% 7,551 Lot 2129 in D.D.121 100.0% 6,076 A.I.L. 354 100.0% 2,006 K.I.L. 11125 80.0% 7,326 H.H.I.L. 556 100.0% 1,298 II T.K.O.T.L. 111 100.0% 10,200 R.B.L. 177 100.0% 3,295 Y.L.T.L. 518 100.0% 12,340 Lot 2086 in D.D.105 100.0% 23,480 K.M.L. 53 100.0% 543 S.T.T.L. 574 100.0% 14,400 I.L. 8949 100.0% 10,488 I.L. 8920 100.0% 7,887 D.D. 11 100.0% 69,435 Lot 1457 R.P. in D.D. 123 Y.L. 60.0% 799,983 100.0% 168,648 100.0% 194,690 100.0% 12,400 100.0% 493,601 50.0% 137,689 50.0% 254,743 50.0% 158,892 50.0% 418,811 50.0% 269,056 50.0% 292,125 47.5% 1,041,360 50.0% 132,471 50.0% 319,359 50.0% 142,900 49.9% 1,484,594
109 6,606 / 2015 3 16,892 2015 4 33,979 2015 6 6,076 2015 7 30,099 2015 9 29,304 2015 10 9,740 2015 10 51,000 2016 6 6,613 2016 6 61,700 / 2016 6 9,391 2016 8 3,577 / 2016 10 52,227 2016 10 40,440 2017 6 70,200 / 2017 12 65,183 2015 12 148,169 2016 12 90,539 2018 12 9,088 2017 12 108,616 2018 6 40,000 117,728 / 2015 6 36,207 2015 9 57,219 / 2016 6 68,574 2017 6 64,588 / 2018 6 74,008 2015 6 22,251 2017 6 399,693 / 2018 12 93,092 2015 6 1,140 2015 12 17,075 / 2016 12 197,069 / 2017 12 1,256,819 / 36,587 2015 3 101,099 2016 3 28,722 / 2016 6 45,400 2017 9 124,213 / 2018 6 252,500 / 36,868 2015 12 108,052 / 2016 9 543,526 /
110 A. / 50.0% 74,858 50.0% 142,166 30.0% 204,690 50.0% 1,433,079 40.0% 166,034 50.0% 80,052 45.0% 1,333,333 50.0% 119,503 45.0% 129,899 25.0% 51,281 30.0% 14,528 50.0% 211,621 24.8% 15,858 42.5% 77,196 29.4% 171,759 16 50.0% 144,482 17 50.0% 74,091 G/M H 25.0% 14,904 50.0% 106,349 50.0% 35,271 50.0% 713,208 50.0% 142,334 50.0% 104,808 50.0% 200,000 100.0% 20,848 Upper Serangoon Road/Tampines Road 50.0% 10,097 Lots Road, helsea 47.5% 35,620 onvoys Wharf 50.0% 161,400
111 10,919 2015 6 12,003 2015 12 69,772 / 2016 6 38,481 / 2015 8 48,384 2016 12 29,839 2015 9 12,977 2018 6 52,619 750 2015 1 113,366 2017 9 52,905 2015 12 22,278 2016 12 117,428 / 2019 6 11,325 / 2016 6 75,192 2019 3 108,428 58,416 / 2015 5 121,183 / 2015 11 101,609 / 2015 4 114,296 / 2016 9 36,167 / 2017 9 54,614 2015 12 17,392 2017 1 30,684 / 2015 6 38,768 2015 9 56,522 / 2016 9 38,995 2017 3 25,803 2015 6 15,292 2015 7 38,017 2016 9 30,373 2015 6 46,566 / / 2017 12 130,748 / / 2018 6 37,563 2015 6 38,000 2015 9 15,969 2015 4 24,146 2015 6 11,250 2015 12 238,124 / 2015 12 42,211 2016 3 99,146 / 2015 12 716,408 / / 143,387 / 2016 9 31,122 / 2016 9 55,872 / 2017 6 62,910 2018 6 43,781 2015 8 15,146 / 36,895 / 2018 12 146,267 /
112 B. / T.K.O.T.L. 70 13,587 / Site B I.L. 9038 1,690 T.W.T.L. 401 42,870 // N.K.I.L. 6506 7,507. / 100.0% 100.0% 42.5% T.Y.T.L. 140 30.0% T.Y.T.L. 140 30.0% T.Y.T.L. 140 30.0% T.S.W.T.L. 4 98.5% K.I.L. 11103 100.0% K.I.L. 11110 100.0% K..T.L. 467 R.P. 100.0% I.L. 8885 60.9% S.T.T.L. 461 51.0% 50.0% 50.0% I.L. 7106 s.a 8 K.I.L. 4013 R.P. 100.0% 1881 Heritage K.I.L. 11161 R.P. 100.0% 100.0% 8 Y.T.M.L. 69 100.0% 29.0% 69.0% 50.0% 50.0% 40.0% 30.0% 24.8% 1. 2. 3. //
113 128,544 17,790 / 2017 2 104,239 / 2017 7 103,411 2018 3 55,342 / 113,170 3,512 6,644 907 1,696 3,147 5,884 3,178 5,943 60,591 9,940 119,280 20,364 107,444 7,825 21,190 19,410 8,000 28,560 21,429 15,305 6,816 41,341 3,153 21,420 11,880 13,023 / 30,409 2,108 7,170 9,745 23,505 4,615 38,882 25,872 70,212 21,105 30,640 15,279
114 2014 12 112014 12 31 (47) (4) (51)
2014 12 31 115 (51) 6 (51) (51)
116 2014 12 112014 12 31 6 (51) (51) 2014 12 31 (51) (51)
117 1 188 2014 12 31 2 (a) HKFRSs HKFRSs (b) 3 4 5
118 6 2014 12 11380,000$1$380,000 2015 3 2 7,999,620,000$1$8,000,000,000 12015 3 18 2,316,164,337 7 2015 1 9 (i) 61,357,000 84,427,246 (ii)
119 7 2015 2 25 2015 3 17 2015 3 18 2015 4 20 / 8 114119 2015 4 24
120 2014 12 31 2014 2013 24,259 17,013 6,959 15,301 (3) 31,218 32,314 24,259 17,013 2,125 4,467 (12,980) (7,983) (1,515) (1,609) (328) (356) (393) (325) (468) (473) (15,684) (10,746) 4,666 5,771 4,542 1,782 2,349 798 2,760 22,257 21,845 33,670 15,649 (4) 55,927 37,494 (5) (1,319) (1,522) 54,608 35,972 (6) 53,869 35,260 739 712 54,608 35,972 (7) $23.26 $15.22
2014 12 31 121 2014 2013 54,608 35,972 (738) 154 462 428 (313) (1,127) 44 614 1,475 (338) (13,082) (2,486) (3,035) 1,188 (87) 537 (221) 47 (15,495) (983) 39,113 34,989 38,375 34,271 738 718 39,113 34,989
122 2014 12 31 2014 2013 (8) 17,454 9,977 (9) 33,285 28,777 (11) 216,841 196,812 (12) 68,754 65,659 (13) 10,705 9,334 301 1,073 476 347,816 311,632 (14) 73,199 79,784 (15) 2,510 2,313 (16) 918 1,360 319 551 33,179 33,197 110,125 117,205 (17) 18,352 2,438 (18) 11,451 11,699 191 167 1,356 1,162 78,775 101,739 426,591 413,371 (17) 19,522 39,452 (19) 1,022 986 112 20,544 40,550 406,047 372,821 (20) 10,489 1,158 (20) 9,331 383,656 350,192 394,145 360,681 (22) 9,045 9,048 2,857 3,092 406,047 372,821
2014 12 31 123 2014 2013 (8) 5 5 (10) 27,726 30,733 (11) 1 1 (12) 767 767 28,499 31,506 (14) 3 3 (15) 57 150 350 315 410 468 (18) 314 291 4 92 177 28,591 31,683 (20) 10,489 1,158 (20) 9,331 (21) 18,102 21,194 28,591 31,683
124 2014 12 31 (1) 2014 1 1 1,158 16,807 342,716 360,681 9,048 3,092 372,821 53,869 53,869 457 282 54,608 (737) (737) (1) (738) 462 462 462 (313) (313) (313) 44 44 44 1,475 1,475 1,475 (13,078) (91) (13,169) (13,169) (3,035) (221) (3,256) (3,256) (15,182) 53,557 38,375 457 281 39,113 9,331 (9,331) (2) 19,497 19,497 19,497 (207) (207) (460) (460) (309) (309) $7 (16,213) (16,213) (16,213) 2013$2.90 (6,717) (6,717) (6,717) 2014$0.638 (1,478) (1,478) (1,478) 2014 12 31 10,489 11,791 371,865 394,145 9,045 2,857 406,047
125 (1) 2013 1 1 1,158 18,364 314,321 333,843 5,652 3,157 342,652 35,260 35,260 447 265 35,972 148 148 6 154 428 428 428 (1,127) (1,127) (1,127) 614 614 614 (338) (338) (338) (2,470) 521 (1,949) (1,949) 1,188 47 1,235 1,235 (1,557) 35,828 34,271 447 271 34,989 (246) (246) 3,875 3,875 (41) (41) (41) 42 42 (579) (537) (347) (347) (90) (90) 2012$2.63 (6,091) (6,091) (6,091) 2013$0.58 (1,343) (1,343) (1,343) 2013 12 31 1,158 16,807 342,716 360,681 9,048 3,092 372,821
126 (1) 2014 1 1 9,331 345 3,373 508 3,250 16,807 193 738 (16,113) (15,182) (9,331) (9,331) (2) 19,497 19,497 2014 12 31 345 3,566 1,246 6,634 11,791 2013 1 1 9,331 345 3,458 698 4,532 18,364 (85) (190) (1,282) (1,557) 2013 12 31 9,331 345 3,373 508 3,250 16,807 (2) A.S. Watson Holdings Limited
2014 12 31 127 2014 2013 18,109 5,552 / (3,176) (695) / 1,904 7,118 19,969 4,564 320 401 1,126 827 (24,408) (7,434) (309) (90) (460) (372) (1,089) (855) (1,822) (1,920) 10,164 7,096 / (5,278) (2,525) / 1,711 199 3,298 1,560 / (367) (182) (180) / 595 2,946 (18) (6) 5,427 (7,849) (162) (7,723) 6,892 4,086 (3,370) (10,179) (207) (246) 3,834 (537) (704) (836) (4,281) (3,878) (1,840) 10,110 1 1 31,277 21,167 12 31 29,437 31,277
128 ( ) 2014 2013 55,927 37,494 (1,212) (858) 328 356 (471) (491) (4,666) (5,771) (33,670) (15,649) (4,542) (1,782) (2,349) (798) (2,760) 772 (787) (313) (1,127) 44 614 393 325 (104) (344) 442 (1,124) 6,944 788 (1,154) 184 626 149 256 (1,259) 858 (1,608) 7,972 (2,870) 18,109 5,552 ( ) 2014 2013 33,179 33,197 (3,742) (1,920) 29,437 31,277
129 1. 2 7 2. HKFRSs 22 2 HKFRSs2014 1 1 HKFRSsHKFRSs 2015 1 1 HKFRSs HKFRSs 19 (2011) 20102012 20112013 2016 1 1 HKFRSs 1 16 38 16 41 27 (2011) HKFRS 10 28 (2011) HKFRS 10 HKFRS 12 28 (2011) HKFRS 11 20122014 2017 1 1 HKFRS 15 2018 1 1 HKFRS 9
130 2. 12 31 2 2 2 12 31 12 31
131 2. 50 25 5% 33 1 /3%
132 2.
133 2.
134 3. 2014 2013 19,389 12,288 1,908 1,960 2,213 2,368 528 397 221 24,259 17,013 6,959 15,301 31,218 32,314 24% 201354% 2014 2013 6,039 16,454 1,210 980 127 7,376 17,434
135 3. 2014 2013 2014 2013 2014 2013 6,523 4,710 1,913 5,474 8,436 10,184 1,750 1,790 300 322 2,050 2,112 942 989 279 284 1,221 1,273 153 136 61 46 214 182 9,368 7,625 2,553 6,126 11,921 13,751 1,798 1,602 1,798 1,602 112 222 334 9,480 7,625 4,573 7,728 14,053 15,353 1,688 3,741 (328) (356) 4,542 1,782 510 24 2,349 798 2,760 152 428 (1,319) (1,522) (709) (2,684) (739) (712) 20,199 19,612 12,985 15,544 12,540 8,026 119 104 53,869 35,260
136 4. 2014 2013 703 847 79 79 (86) (98) 696 828 (368) (472) 328 356 129 121 12 12 104 98 245 231 (13) (12) 232 219 8 8 11,708 6,894 44 614 218 242 1,888 1,909 353 91 21 12 767 714 16 14 467 467 42 12 4 24 13 15 92 259 28 855 313 1,127 1.5% 20131.8%
137 4. ( ) $220,000 2013$120,000/ $130,000 2013$130,000 $60,000 2013$60,000 2014 2013 (1) 0.01 0.01 0.01 (2) 0.22 41.85 4.18 23.41 69.66 65.91 (3) 0.22 20.43 2.04 0.88 23.57 22.36 (4) 0.22 16.75 1.67 10.24 28.88 27.23 0.22 10.40 1.04 18.27 29.93 28.42 0.22 11.79 1.18 14.50 27.69 26.28 0.22 11.80 1.18 18.20 31.40 29.81 0.22 10.57 1.05 18.28 30.12 28.61 0.22 0.22 0.12 0.22 0.22 0.12 0.22 0.22 0.12 0.22 0.22 0.12 0.22 0.22 0.12 0.22 0.22 0.11 0.41 0.41 0.31 0.22 0.22 0.12 0.22 0.22 0.12 0.22 0.22 0.12 0.35 0.35 0.25 0.28 0.28 0.18 0.35 0.35 0.25 2014 4.92 123.59 12.34 103.78 244.63 2013 2.91 117.73 11.74 98.31 230.69 (1) $5,000 $50,000 (2) $3,864,000 $75,000 (3) $1,620,000 $3,575,000 (4) $1,875,000 $1,875,000
138 5. 2014 2013 1,398 1,026 (115) 330 36 166 1,319 1,522 16.5% 201316.5% 2014 2013 16.5% 201316.5% 3,789 4,047 261 2,087 (696) (534) (119) (108) (115) (110) (819) (297) (455) / (256) (55) / (14) (203) (167) 2 (4) 2,028 4,206 (709) (2,684) 1,319 1,522 6. $21,316,000,000 2013$8,560,000,000) 2014 2013 $7 2013 16,213 $0.638 2013$0.58 1,478 1,343 $3.016 2013 $2.90 6,985 6,717 24,676 8,060
139 7. 2,316,164,33820132,316,164,338 8. 2013 1 1 11,998 721 1,350 14,069 23 8 31 / 97 10 38 145 (29) (29) 2013 12 31 12,095 754 1,367 14,216 (2) (1) (3) / 143 37 7,599 105 7,884 (99) (99) 2014 12 31 12,238 789 7,599 1,372 21,998 / 2013 1 1 2,531 221 1,172 3,924 7 8 15 225 17 83 325 (25) (25) 2013 12 31 2,756 245 1,238 4,239 (1) (1) (2) 226 16 93 58 393 (86) (86) 2014 12 31 2,982 260 93 1,209 4,544 2014 12 31 9,256 529 7,506 163 17,454 2013 12 31 9,339 509 129 9,977 $8,744,000,000 2013 $8,817,000,000 $512,000,000 2013$522,000,000 $529,000,000 2013$509,000,000
140 8. 2014 2013 1 1 191 189 3 2 (8) 12 31 186 191 1 1 186 183 3 3 (8) 12 31 181 186 12 31 5 5 9. 2014 2013 1 1 28,777 29,656 / (34) 2 (2,663) 4,542 1,782 12 31 33,285 28,777 4% 8% (i) 5.00% (ii) 1881 Heritage 5.25% $32,050,000,000 2013$27,768,000,000 $1,235,000,000 2013$1,009,000,000 $1,761,000,000 2013$1,802,000,000 $12,000,000 2013$46,000,000
141 10. 2014 2013 7,922 3,222 19,964 27,702 (160) (191) 27,726 30,733 11. 2014 2013 2014 2013 28,132 28,132 187,894 167,865 216,026 195,997 6 6 1 1 (5) (5) 1 1 1 1 814 814 216,841 196,812 1 1 2014 2013 2014 2013 29,425 1,066 961 961 397,155 385,299 3,702 4,016 426,580 386,365 4,663 4,977 213,119 193,048 2,113 2,256 / 799 761 (5) (68) 213,918 193,809 2,108 2,188
142 11. $19,939,000,000 2013 $4,537,000,000 $30,000,000 2013$26,000,000 $190,121,000,000 2013$224,523,000,000 $3,441,000,000 2013$3,136,000,000 2014 2013 1 12 13 2014 2013 814 679 135 814 814
143 12. 2014 2013 2014 2013 25,712 21,826 191 191 25,213 28,085 50,925 49,911 191 191 17,829 15,748 576 576 68,754 65,659 767 767 2014 2013 4,666 5,771 (3,256) 1,235 1,410 7,006 2014 2013 955 993 1,945 2,120 622 648 5,013 5,306 9,294 6,681 17,829 15,748
144 13. 2014 2013 6,594 5,050 3,593 3,752 23 41 10,210 8,843 177 193 318 298 495 491 10,705 9,334 14. 2014 2013 2014 2013 47,232 50,607 21,903 27,420 4,064 1,757 3 3 73,199 79,784 3 3 $43,175,000,000 2013 $54,455,000,000
145 15. 2014 2013 2014 2013 1,781 1,600 13 21 716 692 57 150 2,510 2,313 57 150 2014 2013 1,718 1,513 44 66 19 21 1,781 1,600 2014 2013 56 142 40 37 18 19 114 198
146 16. 2014 2013 116 69 182 176 620 1,115 918 1,360 17. 2014 2013 12,409 2,438 4,300 13,517 8,591 13,141 25,300 29,096 5,943 1,960 6,008 2,671 4,786 2,000 2,000 12,574 12,794 37,874 41,890 18,352 2,438 19,522 39,452
147 17. $2,959,000,000 2013$3,146,000,000 $1,840,000,000 2013 $2,091,000,000 (i) (ii) (iii) heung Kong Bond Finance Limited HK$500,000,000 4.4% 2015 42005 HK$150,000,000 5.1% 2016 42006 HK$500,000,000 4.88% 2018 82008 Joynote Ltd SGD225,000,000 2.25% 2015 112010 SGD180,000,000 2.585% 2016 72011 SGD320,000,000 3.408% 2018 72011 heung Kong Finance (MTN) Limited HK$500,000,000 4.3% 2020 12010 HK$500,000,000 4.35% 2020 12010 HK$300,000,000 3.9% 2020 42010 HK$330,000,000 2.45% 2016 92011 HK$377,000,000 2.56% 2016 102011 HK$400,000,000 3.45% 2021 102011 HK$300,000,000 3.35% 2021 112011 US$500,000,000 1.5% 2015 6 2012 $2,450,000,000 2013$2,450,000,000 $192,000,000 2013 $220,000,000 1.3%
148 18. 2014 2013 2014 2013 1,663 1,232 3,797 3,260 314 291 5,991 7,207 11,451 11,699 314 291 2014 2013 1,605 1,171 25 32 33 29 1,663 1,232 19. ( ) $900,000,000 2013$810,000,000$42,000,000 2013$35,000,000 $80,000,000 2013$141,000,000 ( ) $2,727,000,000 2013 $2,905,000,0002013$96,000,000 20. / 2014 2013 2014 2013 $0.5 3,800,000,000 1,900 2013$0.5 2,316,164,338 2,316,164,338 10,489 1,158 9,331 2014 3 3 $9,331,000,000
149 21. 2014 2013 1 1 199 20,995 21,194 20,068 21,316 21,316 8,560 (24,408) (24,408) (7,434) 12 31 199 17,903 18,102 21,194 $17,903,000,000 2013$20,995,000,000 2013 2014 5 16 2014 6 5 22. 2014 2013 2011 SGD730,000,000 4,647 4,650 2012 HK$1,000,000,000 1,025 1,025 2013 US$425,300,000 3,373 3,373 9,045 9,048 / / 5.125%2016 9 9 5.25%6.25%2017 7 9 5.375%2018 1 24
150 23. 2 35 14 2014 2013 1,963 1,644 3,773 920 1,241 6,977 2,564 2014 2013 2014 2013 187 167 127 82 248 59 211 6 441 226 338 82 24. 2014 2013 282 294 10 14 93 385 308 8 17 393 325
151 25. (i) (ii) $7,185,000,000 2013$501,000,000 $853,000,000 2013 $693,000,000 2013$693,000,000 $63,000,000 2013$108,000,000 $254,000,000 2013$5,000,000 $380,000,000 2013 $3,970,000,000 2013$452,000,000 $588,000,000 2013 $600,000,000 22 (i) (ii) (iii) $37,274,000,000 2013$41,280,000,000 $1,383,000,000 2013$52,000,000 $436,000,000 2013$390,000,000 $1,195,000,000 2013$823,000,000 26. 5% 10% 5% $30,000 $138,000,000 2013$137,000,000 $4,000,000 2013$3,000,000
152 27. 12 25 11 4 28. 76.1%
153 28. 1% / 5% /$527,000,000 2013$396,000,000/ $63,000,000 2013$163,000,000 / 1% / $322,000,000 2013$360,000,000 /$170,000,000 2013 $205,000,000 / 5% /$447,000,000 2013/ $148,000,000 2013 $157,000,000
154 28. 2014 2013 18,855 3,126 6,560 20,041 11,613 18,568 2,045 2,084 39,073 43,819 $13,437,000,000 2013$9,983,000,000 $12,985,000,000 2013$10,271,000,000
155 29. / 1 2 3 1 2 3 2014 12 31 10,187 13 164 10,364 23 318 341 298 298 620 620 795 795 11,128 1,126 164 12,418 (191) (191) 2013 12 31 8,802 12 181 8,995 41 298 339 245 245 1,115 1,115 551 551 10,203 861 181 11,245 (279) (279)
156 29. 3 2014 2013 1 1 181 127 42 14 (12) (47) 40 12 31 164 181 30. 17 2014 2013 37,874 41,890 (33,179) (33,197) 4,695 8,693 406,047 372,821 4,695 8,693 410,742 381,514 1.1% 2.3%
157 31. 2015 1 9 (i) 61,357,010 84,427,246 (ii) 2015 2 25 32. 120169 2015 2 26
158 Accipiter Holdings Limited US$ 124,398,379 100 Alcon Investments Limited HK$ 1 100 HK$ 2 100 Biro Investment Limited HK$ 10,000 100 Bopson Limited US$ 2 100 HK$ 1 80 Bristow Investments Limited HK$ 1 100 arlford Investments Limited HK$ 1 100 HK$ 1 100 heung Kong Bond Finance Limited US$ 1 100 heung Kong Bond Securities Limited US$ 1 100 heung Kong Bond Securities (02) Limited US$ 1 100 heung Kong Bond Securities (03) Limited US$ 1 100 HK$ 2,500,000 100 heung Kong Finance (MTN) Limited US$ 1,000 100 HK$ 2 100 heung Kong Investment ompany Limited HK$ 20 100 HK$ 2 100 HK$ 100,000 100 HK$ 1 100 HK$ 1 100 Fantastic State Limited HK$ 2 100 Flying Snow Limited HK$ 2 100 Focus Eagle Investments Limited US$ 1 100 HK$ 2 100 Glass Bead Limited US$ 1 100 Global oin Limited HK$ 2 100 HK$ 100,000 100 Grandwood Investments Limited HK$ 1 100 HK$ 1 100 Harbour Grand Hong Kong Limited HK$ 2 100 Harbour Plaza 8 Degrees Limited HK$ 2 100 Harbour Plaza Resort ity Limited US$ 10,000 98.47 imarkets Limited HK$ 30,000,000 54.83
159 Joynote Ltd SGD 2 100 HK$ 1 100 HK$ 1 100 HK$ 1 100 Luxury Green Development Pte. Ltd. SGD 1,000,000 100 Megawin International Limited US$ 2 100 Mutual Luck Investment Limited HK$ 30,000 60 HK$ 1 100 HK$ 1 100 HK$ 2 100 Pako Wise Limited HK$ 2 100 Pearl Wisdom Limited HK$ 2 100 Pofield Investments Limited US$ 1 100 HK$ 1 85 Rainbow Elite Investments Limited HK$ 1 100 HK$ 110 60.9 HK$ 1 100 HK$ 1,000,000 85 Romefield Limited US$ 1 100 HK$ 1 100 HK$ 10,000 100 HK$ 2 100 HK$ 1 100 Swiss Investments Limited HK$ 1 100 The enter (Holdings) Limited US$ 1 100 HK$ 1 100 Total Win Group Limited US$ 1 100 Towerich Limited HK$ 2 51 HK$ 1 90 HK$ 1 85 HK$ 2 100 Winchesto Finance ompany Limited HK$ 15,000,000 100 Yick Ho Limited HK$ 6,000,000 100 Accipiter Holdings Limited heung Kong Bond Securities Limited Joynote Ltd Luxury Green Development Pte. Ltd. Megawin International Limited Yick Ho Limited
160 45.3 49.9
161 1822604 Alberta Ltd. 50 Australian Gas Networks Limited 27.5 AVR-Afvalverwerking B.V. 35 50 Beright Investments Limited 50 50 50 50 50 hoicewide Group Limited 50 50 49 50 Gislingham Limited 50 50 Golden astle Management Limited 50 Harbour Plaza Hotel Management 50 (International) Limited Harbour Plaza Metropolis Limited 50 50 40 25 33.4 50 42.5 Kovan Treasure Pte. Ltd. 50 Mapleleaf Developments Limited 25 50 50 50 50 50 Northumbrian Water Group Limited 40 Shanklin Developments Limited 50 Sky Island Limited 50
162 Smart Rainbow Limited 50 Swayfield Limited 30 True Ample Developments Limited 50 Wales & West Gas Networks (Holdings) Limited 30 Willpower Developments Limited 50 Zealand Limited 50 1822604 Alberta Ltd. Australian Gas Networks Limited AVR-Afvalverwerking B.V. Beright Investments Limited hoicewide Group Limited Gislingham Limited Golden astle Management Limited Kovan Treasure Pte. Ltd. Mapleleaf Developments Limited Northumbrian Water Group Limited Shanklin Developments Limited Sky Island Limited True Ample Developments Limited Wales & West Gas Networks (Holdings) Limited Willpower Developments Limited Zealand Limited
163 2014 2014 12 31 2014 2013 272,161 256,234 (110,596) (102,496) (34,604) (33,151) (24,165) (24,170) (17,003) (15,850) (50,944) (51,265) 24,678 26 (4,532) 230 9,166 10,433 10,466 12,597 19,141 (504) 93,768 52,084 (8,050) (8,391) 85,718 43,693 (4,307) (4,231) 340 (569) 81,751 38,893 (14,595) (7,781) 67,156 31,112
164 2014 12 31 2014 2013 81,751 38,893 (324) 694 (55) 563 56 (115) 75 84 (248) 1,226 1,176 382 (480) 6 (5) 346 (16,653) (1,774) (3,636) (152) (4,799) (3,800) (5,261) 589 (53) (76) (29,711) (4,479) (29,959) (3,253) 51,792 35,640 (10,657) (7,878) 41,135 27,762
165 2014 12 31 2014 2013 173,234 177,324 66,211 42,454 8,513 9,849 81,602 86,576 39,132 38,028 16,233 18,755 126,416 112,058 119,433 111,271 19,203 18,548 7,139 7,934 15,141 17,136 672,257 639,933 125,318 85,651 66,576 69,083 19,284 20,855 211,178 175,589 87,139 86,812 42,281 18,159 3,005 3,319 132,425 108,290 78,753 67,299 751,010 707,232 205,332 207,195 8,000 5,445 11,213 10,228 3,083 3,095 4,320 5,037 231,948 231,000 519,062 476,232 29,425 29,425 39,638 40,244 397,155 356,940 466,218 426,609 52,844 49,623 519,062 476,232
166 2014 2014 12 31 2014 2013 4,954,043 4,970,927 (3,213,721) (3,229,113) 1,740,322 1,741,814 64,341 42,707 (497,986) (489,963) (22,782) (19,595) (44,271) (50,650) (864,850) (860,622) (109,566) (103,953) 55,922 43,991 321,130 303,729 (48,378) (69,183) 272,752 234,546 263,558 229,008 9,194 5,538 272,752 234,546
167 2014 12 31 2014 2013 272,752 234,546 / 34,379 34,379 (414,346) (647,386) / 25,300 (45,871) 2,229 (389,046) (691,028) (389,046) (656,649) (116,294) (422,103) (110,860) (403,640) (5,434) (18,463) (116,294) (422,103)
168 2014 12 31 2014 2013 1,141,481 926,897 549,113 539,502 1,136,213 1,177,459 3,785,560 4,002,647 336,159 365,531 314,815 289,515 33,767 31,447 7,297,108 7,332,998 54,540 43,924 5,207 6,182 4,916 15,705 971,149 952,912 985,230 1,036,987 979,200 767,661 3,000,242 2,823,371 63,409 3,000,242 2,886,780 (946,291) (1,089,290) (4,479) (5,062) (128,629) (950,758) (346) (758) (75,000) (62,737) (58,846) (1,142,482) (2,179,714) (36,027) (1,142,482) (2,215,741) 1,857,760 671,039 9,154,868 8,004,037
169 2014 2013 (2,871,858) (1,479,931) (847) (243) (1,356,000) (1,281,000) (51,194) (42,568) (4,279,899) (2,803,742) 4,874,969 5,200,295 961,107 961,107 3,701,541 4,015,830 4,662,648 4,976,937 212,321 223,358 4,874,969 5,200,295
170 114 119
171 120 169 11 80
172 1 2 1 1. 3 2. 11,400 2
173 3 5 4 6 3 4 5 3. 4. D 5. Northumbrian Water 6. 6
174 1 2
175 4 3 5 6 1. Northumbrian Water Group Limited 1 3 4 2. Victoria Power Networks Pty Ltd 3. Australian Gas Networks Limited 5 4. Park N Fly 5. Eversholt Rail Group 2 6 6.
176 1 2
177 3 4 5 6 3 4 1 2 5 6 1. 2014 1 2. 2015 3. 4. AVR 5. 6. Envestra Limited
178 50
179 (a) (b)
180 (a) (b) (c) (a) (b)(c)(d)(e) (f)(g)(h) (i)(j)(k) (l) (m)(n) (o) (p) (q)
181
182 (a) (b)(c) (d) (e) (a) (b) (c) (d)
183 (a) (b)(c) (d)(e) (f)(g)
184 (a) (b) (c) (d)(e)
185 49.97%50 (a) (b)
186
187
188 UFJ PO Box 309, Ugland House, Grand ayman, KY1-1104, ayman Islands 2 7 Maples Fund Services (ayman) Limited PO Box 1093, Boundary Hall ricket Square, Grand ayman, KY1-1102, ayman Islands 183 17 1712-1716 0001 1 HK 1.HK www.ckh.com.hk
183 17M ckh.ecom@computershare.com.hk www.ckh.com.hk ckh.ecom@computershare.com.hk ckh.ecom@computershare.com.hk ckh.ecom@computershare.com.hk /
27 : 2128 8888: 2845 2940