Obligation Hutchison Wampoa Global Ltd 7.45% ( USG4672CAC94 ) en USD

Société émettrice Hutchison Wampoa Global Ltd
Prix sur le marché refresh price now   118.15 %  ▲ 
Pays  Hong Kong
Code ISIN  USG4672CAC94 ( en USD )
Coupon 7.45% par an ( paiement semestriel )
Echéance 23/11/2033



Prospectus brochure de l'obligation Hutchison Whampoa International [03/33] Ltd USG4672CAC94 en USD 7.45%, échéance 23/11/2033


Montant Minimal 100 000 USD
Montant de l'émission 1 500 000 000 USD
Cusip G4672CAC9
Notation Standard & Poor's ( S&P ) A ( Qualité moyenne supérieure )
Notation Moody's N/A
Prochain Coupon 24/05/2026 ( Dans 161 jours )
Description détaillée Hutchison Whampoa est une société holding multinationale basée à Hong Kong dont les activités englobent les ports, les télécommunications, la vente au détail, l'énergie et d'autres secteurs.

L'Obligation émise par Hutchison Wampoa Global Ltd ( Hong Kong ) , en USD, avec le code ISIN USG4672CAC94, paye un coupon de 7.45% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 23/11/2033
L'Obligation émise par Hutchison Wampoa Global Ltd ( Hong Kong ) , en USD, avec le code ISIN USG4672CAC94, a été notée A ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).







L I S T I N G C I R C U L A R
US$5,000,000,000
Hutchison Whampoa International (03/33) Limited
(incorporated in the Cayman Islands with limited liability)
US$1,500,000,000 5.45% Guaranteed Notes due 2010
US$2,000,000,000 6.25% Guaranteed Notes due 2014
US$1,500,000,000 7.45% Guaranteed Notes due 2033
unconditionally and irrevocably guaranteed by
Hutchison Whampoa Limited
(incorporated in Hong Kong with limited liability)
Hutchison Whampoa International (03/33) Limited has issued US$1,500,000,000 principal amount of 5.45%
guaranteed notes due 2010, US$2,000,000,000 principal amount of 6.25% guaranteed notes due 2014 and
US$1,500,000,000 principal amount of 7.45% guaranteed notes due 2033. The obligations of the Issuer are unconditionally
and irrevocably guaranteed by Hutchison Whampoa Limited.
The notes will bear interest from November 24, 2003 at the rates set forth above, payable semi-annually in arrears on
May 24 and November 24 of each year (commencing May 24, 2004) for the notes due 2010 and the notes due 2033, and
payable semi-annually in arrears on January 24 and July 24 of each year (commencing July 24, 2004) for the notes due 2014.
The notes will not be redeemable by the Issuer prior to maturity, except upon the occurrence of certain changes in Cayman
Islands, Hong Kong or PRC tax law requiring the payment of Additional Amounts as described therein. The notes are
unsecured.
The prices to investors are 99.741% of the principal amount of the notes due 2010, 99.897% of the principal amount
of the notes due 2014 and 99.774% of the principal amount of the notes due 2033, plus accrued interest from November 24,
2003, if settlement occurs after that date.
Application has been made to list the notes on the Luxembourg Stock Exchange.
The notes have been rated "A-" by Fitch Ratings Ltd., "A3" by Moody's Investors Service Limited and "A-" by Standard
& Poor's Ratings Services, a division of the McGraw-Hill Companies, Inc. See "Ratings".
Investing in the notes involves risks that are described in the "Risk Factors" section beginning on
page 15 of this listing circular.
The notes have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of any
other jurisdiction. Unless they are registered, the notes may be offered only in transactions that are exempt from registration
under the US Securities Act of 1933 or the securities laws of any other jurisdiction. Accordingly, the notes are only being
offered to qualified institutional buyers and persons outside the United States. For further details about eligible offerees and
resale restrictions, see "Transfer Restrictions".
The delivery of the notes was made through the facilities of The Depository Trust Company against payment in New
York, New York on November 24, 2003.
Joint Bookrunners and Joint Lead Managers for
Notes Due 2010, Notes Due 2014 and Notes Due 2033
Citigroup
Goldman Sachs (Asia) L.L.C.
HSBC
Merrill Lynch & Co.
Joint Bookrunner for
Joint Bookrunner for
Joint Bookrunner for
Notes Due 2010
Notes Due 2014
Notes Due 2033
Deutsche Bank Securities
JPMorgan
Morgan Stanley
The date of this listing circular is December 15, 2003.


TABLE OF CONTENTS
Page
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Exchange Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
The Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Capitalization of Hutchison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
Selected Consolidated Financial Information of Hutchison . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Management's Discussion and Analysis of Results of Operations and
Financial Condition of Hutchison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31
Business of Hutchison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
Recent Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65
Business Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66
Ports and Related Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
Property and Hotels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
Retail and Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
Cheung Kong Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
Husky Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
Finance and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Environmental Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Management of Hutchison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
Hutchison's Connected Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Description of the Notes and the Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
Transfer Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158
Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
Validity of the Notes and the Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
Summary of Principal Differences between Hong Kong GAAP and US GAAP . . . . . . . . . . . . . . 164
Consolidated Financial Statements of Hutchison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1
Glossary of Certain Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G-1
ii


Except as discussed below, Hutchison Whampoa International (03/33) Limited (the "Issuer") and
Hutchison Whampoa Limited ("Hutchison" or the "Guarantor") accept responsibility for the information
contained in this document which is material in the context of this offering. To the best knowledge and
belief of the Issuer and Hutchison (each of which has taken reasonable care to ensure that such is the
case), the information contained in this document (subject as set out below in respect of information
contained herein provided by other sources referred to herein) is in accordance with material facts and
does not omit anything likely to affect materially the import of such information.
The Luxembourg Stock Exchange takes no responsibility for the contents of this listing circular,
makes no representation as to its accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents
of this listing circular.
The distribution of this listing circular and the offer and sale of the notes in certain jurisdictions may
be restricted by law. Persons into whose possession this listing circular comes must inform themselves
about and observe any such restrictions. This listing circular does not constitute, and may not be used
for or in connection with, an offer to any person to whom it is unlawful to make such an offer or a
solicitation by anyone not authorized so to act.
Notwithstanding any provision in this listing circular to the contrary, each prospective investor (and
each employee, representative, or other agent of each such prospective investor) may disclose to any
and all persons, without limitation of any kind, the US federal income tax treatment and US federal
income tax structure of any transaction contemplated in this listing circular and all materials of any kind
(including opinions or other tax analyses) that are provided to it relating to such US federal income tax
treatment and US federal income tax structure. This authorization does not extend to information that
may be required to be kept confidential in order to comply with applicable securities laws.
Investors should rely only on the information contained or incorporated by reference in this listing
circular. The Issuer and the Guarantor have not, and the Initial Purchasers (see "Plan of Distribution"
for identities of Initial Purchasers) have not, authorized any other person to provide investors with
different information. If anyone provides any investor with different or inconsistent information, such
investor should not rely on it. The Issuer, the Guarantor and the Initial Purchasers are not making an
offer to sell these securities in any jurisdiction where the offer or sale is not permitted. Each investor
should assume that the information appearing in this listing circular is accurate only as of November 19,
2003 or the date specifically referred to in its contents. The Guarantor's business, financial condition,
results of operations and prospects may have changed since that date.
The Issuer and the Guarantor are relying on an exemption from registration under the US
Securities Act of 1933 for offers and sales of securities that do not involve a public offering. By
purchasing notes, investors will be deemed to have made the acknowledgements, representations,
warranties and agreements described under the heading "Transfer Restrictions" in this listing circular.
Investors should understand that they will be required to bear the financial risks of their investment for
an indefinite period of time.
The Issuer has submitted this listing circular for the purposes of listing the notes described on the
front cover of this listing circular on the Luxembourg Stock Exchange. Neither the Issuer nor the
Guarantor has authorized its use for any other purpose. This listing circular may not be copied or
reproduced in whole or in part. It may be distributed and its contents disclosed only to the prospective
investors to whom it is provided. By accepting delivery of this listing circular, each investor agrees to
these restrictions. See "Transfer Restrictions".
Having made all reasonable inquiries, the Issuer and the Guarantor confirm that this listing circular
contains all information with respect to the Issuer and the Guarantor and the notes which is material in
the context of the issue and the offering of the notes, and that such information is true and accurate in
iii


all material respects and is not misleading, that the opinions and intentions expressed herein are
honestly held and that the Issuer and the Guarantor are not aware of any facts the omission of which
would make any such information or the expression of any such opinions and intentions materially
misleading.
This listing circular is based on information provided by the Issuer and the Guarantor and by other
sources (such as publications from the Rating and Valuation Department of the Hong Kong
government) referred to herein that they believe are reliable. The Issuer and the Guarantor accept
responsibility for accurately reproducing such information provided by such other sources. The Issuer
and the Guarantor accept no further or other responsibility in respect of such information. No assurance
can be given that this information is accurate or complete. This listing circular summarizes certain
documents and other information and investors should refer to them for a more complete understanding
of what is discussed in this listing circular. In making an investment decision, each investor must rely
on its own examination of the Issuer and the Guarantor and the terms of the offering and the notes,
including the merits and risks involved.
Neither the Issuer nor the Guarantor is making any representation to any purchaser of the notes
regarding the legality of an investment in the notes by such purchaser under any legal investment or
similar laws or regulations. Investors should not consider any information in this listing circular to be
legal, business or tax advice. Each investor should consult its own attorney, business advisor and tax
advisor for legal, business and tax advice regarding an investment in the notes.
Investors should contact the Initial Purchasers with any questions about this offering or if they
require additional information to verify the information contained in this listing circular.
Neither the US Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this listing circular is truthful or complete.
Any representation to the contrary is a criminal offense.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER RSA 421-B WITH THE STATE OF NEW HAMPSHIRE NOR THE
FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE
STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT
ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING.
NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE
FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED
IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN
APPROVAL TO, ANY PERSON, SECURITY, OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR
CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY
REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
IN CONNECTION WITH THE ISSUE OF THE NOTES, THE INITIAL PURCHASERS OR ANY
PERSON ACTING FOR THE INITIAL PURCHASERS MAY OVER-ALLOT OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A
LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED PERIOD
AFTER THE TIME OF DELIVERY. HOWEVER THERE MAY BE NO OBLIGATION ON THE INITIAL
PURCHASERS OR ANY AGENT OF THE INITIAL PURCHASERS TO DO THIS. SUCH
STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND MUST BE BROUGHT
TO AN END AFTER A LIMITED PERIOD.
iv


CURRENCY OF PRESENTATION AND CERTAIN DEFINITIONS
"Hutchison" means Hutchison Whampoa Limited, a company incorporated in Hong Kong with
limited liability, and its subsidiaries, unless the context otherwise requires, and references in
Hutchison's consolidated financial statements to the "Group" are to Hutchison and all of its direct and
indirect subsidiaries and also includes Hutchison's interest in associated companies and joint ventures
on the basis set forth in Notes 1C, 1D and 1E, respectively, to the consolidated financial statements of
Hutchison. See "Consolidated Financial Statements of Hutchison". Certain of Hutchison's subsidiaries
are not wholly owned, as described more fully herein. As used in this listing circular, "PRC" means the
People's Republic of China, "Mainland" means the People's Republic of China excluding Hong Kong,
Macau and Taiwan and "Hong Kong" means the Hong Kong Special Administrative Region of the
People's Republic of China.
Hutchison publishes its financial statements in Hong Kong dollars ("HK$"). For the convenience of
the reader, this listing circular presents translations into US dollars ("US$") of certain Hong Kong dollar
amounts at the rate of HK$7.80 = US$1.00. No representation is made that Hong Kong dollars have
been, could have been, or could be, converted into US dollars at the rate indicated or at any other rate.
On November 18, 2003, the noon buying rate in New York City for cable transfers in foreign currencies,
as certified for customs purposes by the Federal Reserve Bank of New York (the "Noon Buying Rate"),
was HK$7.76 = US$1.00. This listing circular also includes certain Pound Sterling ("£"), Euro ("C
= "),
Australian dollar ("A$"), Canadian dollar ("C$"), Renminbi ("RMB"), Cayman Islands dollar ("C.I.$") and
certain other currency amounts. The Hong Kong dollar equivalent amounts presented are translated at
the approximate exchange rate at the time of the transactions to which they apply.
As used in this listing circular, "EBIT" is defined as earnings, including profit on disposal of
investments and provisions, before interest expense, other finance costs, taxation and minority
interests. Hutchison presents EBIT in certain tables and discussions in this listing circular in addition to
other financial information because it believes EBIT is a widely accepted financial performance
indicator. EBIT should not be considered by an investor as an alternative to profit attributable to
shareholders or cash flow data prepared in conformity with generally accepted accounting principles.
Hutchison's calculation of EBIT may differ from similar titled computations of other companies.
"EBITDA" is defined as earnings, including profit on disposal of investments and provisions, before
interest expense, other finance costs, taxation, depreciation and amortization and minority interests,
excluding the non-cash portion of profit on disposal of investments and provisions. Hutchison presents
EBITDA in certain tables in this listing circular in addition to other financial information because it
believes EBITDA is a widely accepted financial performance indicator. EBITDA should not be
considered by an investor as an alternative to profit attributable to shareholders or cash flow data
prepared in conformity with generally accepted accounting principles. Hutchison's calculation of
EBITDA differs from its calculation of EBIT and may differ from similarly titled computations of other
companies.
ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is incorporated in the Cayman Islands and Hutchison is incorporated in Hong Kong. All
or a substantial portion of the assets of the Issuer and the Guarantor are located outside the US. In
addition, none of the directors and executive officers of the Issuer and the Guarantor are, and certain
of the experts named herein are not, residents of the US, and all or a substantial portion of the assets
of such persons may be located outside the US. As a result, it may not be possible for investors to effect
service of process within the US upon such persons, the Issuer or the Guarantor, or to enforce against
them judgments obtained in US courts predicated upon the civil liability provisions of the federal
securities laws of the US. The Issuer has been advised by its Cayman Islands counsel, Maples and
Calder Asia, that although there is no statutory enforcement in the Cayman Islands of judgments
v


obtained in Hong Kong, England or New York, the courts of the Cayman Islands will, based on the
principle that a judgment by a competent foreign court imposes upon the judgment debtor an obligation
to pay the sum for which judgment has been given, recognize as the basis for a claim at common law
in the Cayman Islands a foreign judgment of a court of competent jurisdiction if such judgment is final,
for a liquidated sum not in respect of taxes or a fine or penalty, is not inconsistent with a Cayman Islands
judgment in respect of the same matters and was not obtained in a manner, and is not of a kind the
enforcement of which is, contrary to the public policy of the Cayman Islands. There is doubt, however,
as to whether the courts of the Cayman Islands will (i) recognize or enforce judgments of United States
courts predicated upon the civil liability provisions of the securities laws of the United States or any state
thereof, or (ii) in original actions brought in the Cayman Islands, impose liabilities based upon the civil
liability provisions of the securities laws of the United States or any state thereof, on the grounds that
such provisions are penal in nature. Additionally, a Cayman Islands' court may stay proceedings if
concurrent proceedings are being brought elsewhere.
The Guarantor has been advised by its Hong Kong counsel, Woo, Kwan, Lee & Lo, that there is
no treaty between Hong Kong and the United States providing for reciprocal enforcement of judgments.
vi


SUMMARY
The following summary is qualified in its entirety by the more detailed information and financial
statements appearing elsewhere in this listing circular.
The Issuer
The Issuer, a wholly owned subsidiary of the Guarantor, was incorporated as an exempted
company with limited liability under the laws of the Cayman Islands on September 17, 2003. Its
registered office is located at the offices of M&C Corporate Services Limited, P.O. Box 309GT, Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, registration number
CR129111. The Issuer, whose primary purpose is to act as a financing subsidiary of the Guarantor, will
remain a wholly owned subsidiary of the Guarantor as long as the notes are outstanding and will
advance the net proceeds of the notes to Hutchison and/or its subsidiaries. The Issuer has no material
assets.
Hutchison Whampoa Limited
Hutchison Whampoa Limited, a company incorporated in Hong Kong on July 26, 1977 under no.
54532 in the Companies Registry with limited liability, is the holding company of the Hutchison group
of companies. It is a Hong Kong-based multinational conglomerate whose securities are listed on The
Stock Exchange of Hong Kong Limited ("SEHK"). Hutchison operates five core business divisions in 39
countries: ports and related services; telecommunications; property and hotels; retail and
manufacturing; and infrastructure, energy, finance and investments. Significant developments in
Hutchison's business since June 30, 2003 are summarized below under "Recent Developments".
The objects for which Hutchison is established are described in clause 3 of Hutchison's
Memorandum of Association, copies of which are available as described under "General Information".
Ports and Related Services
Hutchison is the world's largest privately-owned container terminal operator in terms of throughput
handled. The ports and related services division holds interests in 32 ports in 15 countries, including
interests in container terminals operating in five of the seven busiest container ports in the world, and
handled combined container throughput of 35.8 million twenty foot equivalent units ("TEUs") in 2002
and 19.5 million TEUs in the six months ended June 30, 2003. The holdings of the division are its
interests in various ports including:
·
Hong Kong (the busiest container port in the world in 2002), where Hutchison operates
thirteen of the nineteen available container berths through Hongkong International Terminals
("HIT") and COSCO-HIT Terminals (Hong Kong) Limited ("COSCO-HIT"), a joint venture
between HIT and China Ocean Shipping (Group) Company;
·
the Mainland, where Hutchison holds interests in Yantian International Container Terminals
Limited ("YICT"), Shanghai Container Terminals and Shanghai Pudong International
Container Terminals as well as other ports;
·
the UK and Continental Europe, where Hutchison holds interests in the Port of Felixstowe
(UK), Thamesport (UK), Harwich (UK) and Europe Container Terminals B.V. (the
Netherlands) ("ECT");
·
Indonesia, where Hutchison holds interests in Jakarta International Container Terminal
("JICT") and Koja Terminal;
·
South Korea, where Hutchison currently operates two terminals in Busan Port and two
terminals in Kwangyang Port through Hutchison Korea Terminals and Korea International
Terminals;
1


·
Mexico, where Hutchison holds interests in Internacional de Contenedores Asociados de
Veracruz, which is located on the east coast as well as other port operations in Ensenada,
Manzanillo and Lazaro Cardenas which are located on the west coast; and
·
Saudi Arabia, where Hutchison holds interests in International Ports Services at Dammam.
The division also has interests in other ports and port development projects and interests in ship
repair, salvage and towage operations in Hong Kong. The ports and related services division
contributed 18.5% of Hutchison's turnover and 25.7% of Hutchison's EBIT in 2002 and 16.6% of
Hutchison's turnover and 31.1% of Hutchison's EBIT in the six months ended June 30, 2003.
Telecommunications
Hutchison
is
a
leading
worldwide
competitor
in
mobile
telecommunications.
The
telecommunications division is composed of the 2G and other operations and the 3G businesses.
The 2G and other operations:
·
operate second generation ("2G") Global System for Mobile Communications ("GSM") and
Code Division Multiple Access ("CDMA") mobile telecommunications networks in Hong
Kong, Israel, India and certain other countries, with a global 2G subscriber base of over 7.1
million as of August 2003;
·
in Thailand, provide mobile broadband services using the CDMA-1X in central Thailand
under a 15 year concession;
·
provide fixed line services on its fiber optic fixed line network in Hong Kong through
Hutchison
Global
Communications
Limited
("Hutchison
Global
Communications"),
participate in e-commerce businesses with various strategic partners and hold a 24.7%
interest in TOM.COM Limited ("TOM.COM"), a leading Chinese-language media group,
which is listed on the Growth Enterprise Market ("GEM") of the SEHK.
The 3G businesses:
·
are developing third generation ("3G") mobile telecommunications operations in Hong Kong,
the UK, Ireland, Italy, Sweden, Norway, Denmark, Austria, Israel and Australia. Hutchison
has commenced 3G operations in the UK, Italy, Sweden, Austria and Australia, and
Hutchison was the first-to-market operator in these countries.
--
In the UK and Italy, Hutchison has commenced 3G operations. The UK network
currently covers 72% of the population with over 4,900 cell sites and approximately
99% of the population via a national roaming agreement with O2 (UK) Limited (formerly
known as BT Cellnet Limited). As of the end of August 2003, UK had approximately
155,000 subscribers. In Italy, the network now covers over 50% of the population with
over 3,600 cell sites and approximately 100% of the population via a roaming
agreement with TIM S.p.A. As of the end of August 2003, Italy had approximately
300,000 subscribers;
--
In Australia, the 3G operation announced the initial offering of services in Sydney and
Melbourne from mid-April 2003 and services expanded to Brisbane, Adelaide and Perth
in July 2003. The network now covers approximately 64% of the population of its
license area with over 1,600 cell sites and approximately 92% of the nationwide
population via a 2G roaming agreement with Vodafone. As of the end of August 2003,
Australia had approximately 50,000 subscribers;
--
In Austria, offering of service commenced in May 2003 and the 3G network now covers
over 35% of the population with over 780 cell sites and approximately 98% of the
population via a 2G roaming agreement with Mobilkom;
--
Hutchison's Scandinavian 3G operations in Sweden and Denmark share some
common infrastructure and are managed out of HI3G Access in Sweden. In September
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2003, HI3G Access Norway, a wholly owned subsidiary of HI3G Access, was awarded
a license to offer 3G services in Norway. HI3G Access has commenced operations in
Sweden and currently the network covers most of the major cities. In Denmark, HI3G
Denmark commenced a limited service in October 2003 and is expected to roll out
further services in 2004; and
--
Hutchison's 3G businesses are planning to commence services in Hong Kong later in
2003 or early 2004.
The telecommunications division contributed 12.0% of Hutchison's turnover and (4.3)% of
Hutchison's EBIT in 2002, and 11.1% of Hutchison's turnover and (32.8)% of Hutchison's EBIT in the
six months ended June 30, 2003.
Property and Hotels
Hutchison's property and hotels division:
·
holds a rental portfolio of office, commercial, industrial and residential space principally in
Hong Kong and the Mainland. As of June 30, 2003, the portfolio comprised approximately
15.7 million square feet, the leasing of which accounted for the majority of the division's
turnover and EBIT;
·
manages investment properties and development activities for Hutchison and certain of its
associated companies and jointly controlled entities;
·
acts as a developer of residential, commercial, office, hotel and recreational projects,
principally in Hong Kong and the Mainland; and
·
owns and operates hotels in Hong Kong, the Mainland and the Bahamas.
The property and hotels division contributed 10.5% of Hutchison's turnover and 10.0% of
Hutchison's EBIT in 2002, and 5.0% of Hutchison's turnover and 9.4% of Hutchison's EBIT in the six
months ended June 30, 2003.
Retail and Manufacturing
Hutchison's retail and manufacturing division holds interests in:
·
AS Watson & Company, Limited ("AS Watson"), one of the world's largest health and beauty
retail chains in terms of store numbers, and also operates major chains of supermarkets and
consumer electrical goods stores. In October 2002, AS Watson acquired the Kruidvat Group,
one of Europe's leading health and beauty retail businesses with a store portfolio of 1,900
outlets operating under five retail chains in six European countries. Including Kruidvat, AS
Watson currently has over 3,300 stores in Europe, in the PRC and in several other countries
in South East Asia. AS Watson also manufactures and distributes water and beverage
products in Hong Kong and in the Mainland;
·
Hutchison China, which operates various manufacturing, service and distribution joint
ventures in the Mainland, Hong Kong and the UK; and
·
62% of Hutchison Harbour Ring Limited ("HHR"), a listed company in Hong Kong that
engages in the manufacturing and trading of hard, soft and electronic toys, and high quality
consumer electronic products and accessories. HHR also holds some investment properties
in the Mainland.
The retail and manufacturing division contributed 35.5% of Hutchison's turnover and 4.0% of
Hutchison's EBIT in 2002, and 44.6% of Hutchison's turnover and 5.3% of Hutchison's EBIT in the six
months ended June 30, 2003.
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Infrastructure, Energy, Finance and Investments
Cheung Kong Infrastructure
Hutchison has an 84.6% interest in Cheung Kong Infrastructure Holdings Limited ("CKI"), the
largest publicly listed infrastructure company in Hong Kong in terms of market capitalization, with
principal operations in Hong Kong, Australia and the Mainland. CKI's major interests are:
·
a 38.9% interest in Hongkong Electric Holdings Limited ("Hongkong Electric Holdings"), a
listed company in Hong Kong that, through a wholly owned subsidiary, generates, transmits,
distributes, and is the sole provider of, electricity to Hong Kong Island and Lamma Island in
Hong Kong;
·
combined with interests of Hongkong Electric Holdings, 100% interests in joint investments,
held on a 50/50 basis, in ETSA Utilities, the sole electricity distributor in the State of South
Australia, in Powercor Australia Limited ("Powercor"), the largest electricity distributor in the
State of Victoria, and in CitiPower I Pty Ltd. ("CitiPower"), another major electricity distributor
in the state of Victoria. CKI and Hongkong Electric Holdings together have become the
largest electricity distributor in Australia. CKI also owns a 19% stake in Envestra Limited
("Envestra"), the largest listed natural gas distribution company in Australia;
·
a power generating portfolio with over 1,800 MW of gross capacity in the Mainland;
·
an infrastructure materials business that produces cement, concrete, asphalt and
aggregates in Hong Kong and the Mainland. CKI also has interests in joint ventures that own
and operate approximately 480 km of toll roads and bridges in the Mainland and a
cross-harbor rail tunnel in Hong Kong; and
·
a contract to construct the Cross City Tunnel in Sydney, Australia, which will connect
Sydney's eastern suburbs with the western side of the city, which contract is held through a
consortium led by CKI.
CKI contributed 9.6% of Hutchison's turnover and 19.3% of Hutchison's EBIT in 2002, and 8.2%
of Hutchison's turnover and 22.3% of Hutchison's EBIT in the six months ended June 30, 2003.
Husky Energy
Hutchison holds a 35.0% interest in Husky Energy Inc. ("Husky Energy"), an integrated energy
and energy-related company incorporated in Canada and listed on the Toronto Stock Exchange. Husky
Energy ranks among Canada's largest petroleum companies in terms of production and the value of its
asset base. Husky Energy's operating activities are divided into three segments:
·
the upstream segment, which includes the exploration for and development and production
of crude oil, natural gas liquids and natural gas in western Canada, offshore the Canadian
east coast, offshore South China and, to a limited extent, other international areas;
·
the midstream segment comprising upgrading operations, oil and gas marketing operations,
pipeline transportation and processing of heavy crude oil, cogeneration of electrical and
thermal energy and storage of crude oil and natural gas; and
·
the refined products segment, which includes the refining of crude oil and marketing of
refined petroleum products, including gasoline, alternative fuels and asphalt.
Husky Energy contributed 10.1% of Hutchison's turnover and 8.1% of Hutchison's EBIT in 2002,
and 11.5% of Hutchison's turnover and 18.1% of Hutchison's EBIT in the six months ended June 30,
2003.
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