annual results presentation fy2002/03. 2 content background financial highlights nwsh group...
TRANSCRIPT
![Page 1: Annual Results Presentation FY2002/03. 2 Content Background Financial Highlights NWSH Group Results NWS Service Management Limited NWS Infrastructure](https://reader035.vdocuments.net/reader035/viewer/2022062404/551c0559550346b24f8b4e43/html5/thumbnails/1.jpg)
Annual Results Annual Results PresentationPresentation
FY2002/03FY2002/03
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Content
Background
Financial Highlights NWSH Group Results
NWS Service Management Limited
NWS Infrastructure Management Limited
NWS Ports Management Limited
Operation Review
Outlook
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Background
The purchase of New World Services Limited and traditional infrastructure assets of New World Infrastructure Limited by Pacific Ports Company Limited (659.HK) was completed in January 2003
Only five months’ (Feb – June 2003) results of Service and Infrastructure were booked
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服務管理Service
Management
基建管理Infrastructure Management
港口管理Ports
Management
設施管理Facilities
建築機電Contracting
交通運輸Transport
金融保險Financial
環境工程Environmental
道路及橋樑Roads & Bridges
能源Energy
水務及廢物處理Water treatment &
Waste management
貨櫃裝卸Container handling
物流及倉庫Logistics &
Warehousing
Corporate Structure
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Financial HighlightsFinancial Highlights
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NWSH Group Results(for the year ended 30 June)
2003*
(HK$M)
2002
(HK$M)
change
+/ (-)%
Turnover 5,770 125 +4,516%
AOP 965 361 +167%
Profit attributable to shareholders 1,213 144 +742%
Earnings per ordinary share HK$1.39 HK$0.05# +2,680%
Dividend per ordinary share HK$0.2 HK$0.2# 0%
Total assets 27,409 3,817 +618%
Shareholders’ equity 8,558 3,717 +130%
* Full year for Ports, 5 months for Service and Infrastructure# The comparatives have been restated due to consolidation of 10 shares into 1 share during the year
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AOP Mix*(for the year ended 30 June 2003)
ServiceHK$236M24%
InfrastructureHK$325M
34%
PortsHK$404M42%
Total: HK$965M
* Full year for Ports, 5 months for Service and Infrastructure
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EBITDA* (for the year ended 30 June 2003)
ServiceHK$407M31%
InfrastructureHK$430M
33%
PortsHK$472M
36%
Total: HK$1,309M#
* Full year for Ports, 5 months for Service and Infrastructure# Before head office expenses
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8.77.8 7.6 7.5 6.9 6.8
0
2
4
6
8
10
Feb 03 Mar 03 Apr 03 May 03 Jun 03 Sept 03
Encouraging Progress in Debt Reduction
Net Debt(HK$ billion)
Reduce another HK$3 billion over 3 years (2003/04 – 2005/06)
Cash on hand HK$1.4 billion (as at September 2003)
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Pro-forma turnover - Service(HK$M)
11,666
13,419
0
2000
4000
6000
8000
10000
12000
14000
FY2002 FY2003
Facilities
Contracting
Transport
Financial, Environmentaland others
Total turnover
+15%
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Turnover - Service
(HK$M)
Pro-forma
FY2003
Pro-forma
FY2002
Change
+/ (-)%
5 months ended
30 June 2003
Facilities 1,921 1,822 +5% 718
Contracting 9,782 8,134 +20% 4,158
Transport 1,555 1,650 -6% 603
Financial, Environmental and
Others
161 60 +168% 94
TOTAL 13,419 11,666 +15% 5,573
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980
627
0
200
400
600
800
1000
FY2002 FY2003
Facilities
Contracting
Transport
Financial, Environmental &others
Total AOP
Pro-forma AOP - Service
(HK$M)
-36%
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AOP - Service
(HK$M)
Pro-forma FY2003
Pro-forma FY2002
Change
+/ (-)%
5 months ended
30 June 03
Facilities 265 291 -9% 73
Contracting 214 425 -50% 154
Transport 32 161 -80% -25
Financial, Environmental & Others 116 103 +13% 34
TOTAL 627 980 -36% 236
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Pro-forma AOP - Infrastructure
200
300
400
500
600
700
800
FY2002 FY2003
Energy, Watertreatment & Wastemanagement
Roads & Bridges
TOTAL AOP
(HK$M) 776
644
+21%
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AOP - Infrastructure
(HK$M)
Pro-forma
FY2003
Pro-forma
FY2002
Change
+/ (-)%
5 months ended 30
June 2003
Energy, Water treatment & Waste management 424 402 +5% 201
Roads & Bridges 352 242 +45% 124
TOTAL 776 644 +21% 325
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AOP - Ports
-50
50
150
250
350
450Xiamen Xiang Yu Quay廈門象嶼碼頭
CSX Orient (Tianjin)天津東方海陸集裝箱碼頭
Others
CSX World Terminals HK &ATL Logistics Centre 環球貨櫃碼頭香港及亞洲貨櫃物流中心
TOTAL AOP
404
361+12%
(HK$M)
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AOP - Ports
(HK$M) FY2003 FY2002
Change
+/ (-)%
CSX World Terminals HK and
ATL Logistics Centre環球貨櫃碼頭香港及亞洲貨櫃物流中心
365 341 +7%
Xiamen Xiang Yu Quay廈門象嶼碼頭 11 14 -21%
CSX Orient (Tianjin)天津東方海陸集裝箱碼頭 35 21 +67%
Others -7 -15 +53%
TOTAL 404 361 +12%
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SARS Impact upon 2002/03 Results HK$M HK$M
NWSI
Roads & Bridges 10
NWSS
Facilities
Facility Management 48
Consumer Related Services 16
Security & Guarding 1
65
Transport
Bus 33
Ferry 42
Parking 7 82
157
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Operational ReviewOperational Review
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Operational Review - Service
Contracting
Adverse impact due to Government public housing policy & slow property market
Vigorous cost control
SARS material impact upon HKCEC, most events rescheduled to 1H 03/04 Property Management, Cleaning & Guarding deliver solid results
Facilities
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Operational Review - Service
Adverse impact on NWFB by MTR TKO Line
NWFB & NWFF (Macau) hit by SARS
Transport
New World Insurance taps PRC market
Tricor provides solid contribution
Financial, Environmentaland Others
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Operational Review - Infrastructure
Energy
Generates highest contribution
Improves efficiency and growth in consumption to counter tariff pressure
Water treatment & Waste management
Macau Water is a strong contributor
Signed new water projects in Qingdao & Chongqing
Roads and Bridges
Promising results Steady income from
road projects
Steady recurring income from the 59-strong project portfolio
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Operational Review - Ports
The most important contributor Increase in productivity and cost
controls counter slight decrease in throughput
CSX World Terminals HK (CT3)
環球貨櫃碼頭香港 ( 葵涌 3 號貨櫃碼頭 )
Growth driven by increase in CFS/ storage cargo volume and vehicle gate charge
Occupancy rate increases further from 93.6% to 95.4%
ATL Logistics Centre亞洲貨櫃物流中心
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Operational Review - Ports
Increase in AOP & throughput
CSX Orient (Tianjin)天津東方海陸集裝箱碼頭
Merger completed in January 2003
Strong growth in throughput
Xiamen Xiang Yu Quay廈門象嶼碼頭
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Outlook – Service
Financial, Environmental & Others New World Insurance establishes PRC presence
FacilitiesStrong business pick up at HKCECProfit margin pressure for property management, cleaning and guarding
ContractingConstruction market continues to be slowDiversification into civil construction
TransportBus: Contribution declines due to stiff competition
Savings through joint purchase with CitybusExplores opportunities in Mainland China
Ferry: Individual Mainland travellers stimulate HK/ Macau patronage
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Outlook – Infrastructure
Roads and Bridges Car ownership increase stimulates traffic Escalating in demand of high quality logistics services support steady
growth in expressway traffic
“Benefits from PRC spectacular economic growth”
Energy and Water treatment and Waste managementSpectacular water tariff increases, volume growth in fast developing parts of ChinaGovernment policy: privatize utility assetsEnergy tariff pressure compensated by increased consumptionStringent cost control and improvement in efficiency
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Outlook – Ports
Growth in HK and Mainland China import/ export from strong GDP growth and accession to WTO
HK - expected to maintain as the world’s busiest port with recent CEPA arrangements and planned HK – Zhuhai – Macau Bridge
CT9 operational in 2004/05
Tianjin – strategic location to serve the northern province and Beijing. 2008 Olympics will further enhance trade flows in the area
Xiamen - local trade boom and future three links with Taiwan
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Our Commitments
To Staff Develop talent and provide a rewarding career
To Business Partners and Customers Service in excellence
To Shareholders Enhance shareholders’ value Dividend payout Corporate governance and transparency
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Dividend policy
Balance three corporate goals Seek new investment opportunities Maintain an optimal capital structure Pay dividend
Payout frequency Consider twice a year (interim and final dividend)
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NWSH stock closing price (Jan – Oct 2003)
0
1
2
3
4
5
6
7
87.6
1.5
(HK$)
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Business Strategies
Explore new projects in Mainland China and Hong Kong
Stringent cost control and efficiency improvement
Divest under-performing projects
Tap CEPA opportunities in Mainland China
Balancing shareholders’ interest (dividend payout), new project investment and debt reduction via:
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A Responsible Employer
No. of staff in HK, Macau and Mainland China
Ports 147
Infrastructure 3,160
Service 26,174
Total: 29,481
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www.nwsh.com.hk