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2 MESSAGE FROM THE EDITOR
�� !
�� (��) Maria Cheung (Editor)
�� C F Kwan
�� Chris N Lam
�� Elina Lam
�� Alan K L Wong
�� Dick Lee
�� Florence Lai
�� Shelly Cheng
�� (��) Fiona Wan (Reporter)
�� (��) Akimi Wong (Reporter)
�� (��) Shirlina Lee (Reporter)
�� Celia Fong
�� !"#$% 18�� !"#28�
�� (852) 2131 0600 �� (852) 2131 0611
28/F New World Tower, 18 Queen’s Road Central, HK
Tel (852) 2131 0600 Fax (852) 2131 0611
E-mail [email protected]
Website www.nwsh.com.hk
CONTENTS
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�� ! Editorial Board○
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2 �� ! Message from the Editor
3 �� ! Message from the Chairman
4 �� !" NWSH Chatroom
6 �� ! Cover Story
9 �� ! Company Highlights
10 �� !" Eye on Greater China
11 �� ! In His / Her Words
12 �� ! NWSH Scope
14 �� ! Achievements
15 �� ! Volunteering Bulletin
16 �� ! Quiz
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�� !"#$%&'(�� !")*(!")+,-10�15�� 2004�� !"�� !"#$%&'()*+,+-./0123 �� !"#$%&'()*�� !"#$%&'#()*+,$-./0123456789:;<=>?�� !"#$%&6�8�� !"#$%&'()*+,-./012(345678
�� !"#$%<<�� !>>��2005�1�� !"#$%&'()*+,-�� !"#$%�&'()*+�,-./01234
NWS Holdings Limited (“NWS Holdings” or the “Group”) announced its robustannual results on 15 October 2004. The theme of this year’s annual report is“Driving Forward, Seeking Excellence”. The cover depicts a traffic light pole withthree green lights, symbolizing an obstacle-free way forward for the Group’s development.Readers may refer to the Cover Story (pages 6-8) for the highlights of the annualresults.
New Voice will undergo a revamp in January 2005. It will not only present a new look but alsointroduce brand new columns with strengthened contents. Stay tuned!
�: <<�� !"2004��>>��www.nwsh.com.hk��Remark: NWS Holdings’ Annual Report 2004 is available at www.nwsh.com.hk
�� ! �� !Driving Forward Seeking Excellence
<<�� !>>�� !"#$%&'()*+,-./0&12-23456789:;(
New Voice is published by NWS Holdings. Reproduction of any contents of this corporate newsletter requires a proper acknowledgement.
3MESSAGE FROM THE CHAIRMAN
�� !
�� !"#�� !"#2003�1�� !�� !"#$%&'()*+�� !"#$%&'()*+�� !"2004�� !"#�� !"#$%&'()*+�� !"#$%&'(�)�� !"#$%&'()*+�� !"#$%&'()*+�� !
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�� !"#�� !"#$%&'()*+,-./0123456789:;<=>?9�� !"#$%&'()*+,-./0123456789:/012;<�� !"�#$%Merryhill Group Limited�� !"#$%&'()*+,-.�� !"#
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Since its completion of reorganization in January 2003, NWS Holdings hasbeen committed to reducing debt, pursuing business growth and maximizingshareholder value. Financial year 2004 (“FY2004”) marked the first year inwhich our three core businesses made full contributions. With a sound businessstructure, the Group achieved robust results and distinct synergies.
The Group recorded a 29% growth in net profit and reduced net debt significantlyby 33% to HK$4.6 billion in FY2004, taking gearing ratio down from 64% to44%. Its strong capital base and recurrent cash flow provide a springboardfor expansion.
Targeting future growthThe Group also enhanced its business in many ways. While acquiring Sky ConnectionLimited, which retails tobacco and liquor at Free Duty shops in Hong Kong,we formed Merryhill Group Limited with Chow Tai Fook Enterprises Limited toprovide a comprehensive range of transportation services. Kunming New WorldFirst Bus Services Limited commenced services in Kunming, Yunnan Province.The water treatment operations expanded coverage to Sanya, Hainan Provinceand Tianjin’s Tanggu District. Hip Hing Construction (China) Company Limitedand NWS Engineering Limited set up wholly foreign owned enterprises in Beijing.
Driving forwardWe have disposed of or arranged for disposals of projects not fulfilling ourinvestment objectives, such as the Zhaoqing Roadways Network, the T ianjinYonghe Bridge, the Wuhan Bridges project, the Sichuan Qianwei Dali PowerPlant, the Shunde Desheng Power Plant and the Suzhou Huisu container terminalproject.
We remain optimistic about Mainland China’s economy. Leveraging on ourlong-standing relationships with local authorities and successful track recordin Mainland China, we will continue to seek investment projects with goodpotential, such as power plants, water plants, toll roads and ports. Recently,we have acquired Beijing-Zhuhai Expressway (Guangzhou-Zhuhai Northern Section)and invested in Qingdao Water Plant Phase II which are expected to commenceoperation by end-2005 and mid-2006 respectively.
Our “utilities-plus” ambitionWhile we have many strong utilities assets, we are determined to become a“utilities-plus” company, one that adds value for shareholders by actively seekinggrowth and high performance. The proposed extension of the Hong KongConvention and Exhibition Centre (“HKCEC”) Atrium Link, for example, willbring additional business to the Facilities segment and generate extra incomefrom food and beverage as well as other supporting services.
Enhancing shareholder valueThe Group endeavours to ensure long-term, sustainable growth and competitivenessthat will maximize shareholder value in a socially responsible manner. Whilerecognizing the interests of other stakeholders, it is also keen to maintaineffective two-way communication with the investment community throughone-on-one meetings, conference calls, overseas roadshows, etc.
Fostering employee prideOur success relies on dedicated professional staff. We will continue to recruit,develop and retain talent for the Group’s future development. We also takepride in our staff’s enthusiasm for community service and will continue oursustained commitment to the community at large.
I would like to take this opportunity to thank you for your hard work anddedication, which has set us on a path to greater prosperity!
Dr Cheng Kar Shun, HenryChairman
Another fruitful year
4
�� !"
NWSH CHATROOM
Mr Wilfried Ernst Kaffenberger,Non-executive Director of NWS Holdings�� !"#$%&' �� !"#$%&
R : Reporter
K : Mr Kaffenberger
R : Would you please introduce your role in the Board.
K : The Board’s responsibility is to help steer the Group’s management for the benefit
of all shareholders, employees and the community at large. As a Non-executive
Director, I can help serve this obligation by providing the Board with the benefit of
my experience outside the Group when relevant.
R: What role do you play as the Chief Executive Officer of AIG AsianInfrastructure Fund II?
K : The AIG Asian Infrastructure Fund II (the “Fund”) is a US$1.7 billion capital pool
whose investors are Asian and US institutions, primarily life insurance companies
and pension funds. My job is to direct the team that organizes the Fund’s investment
opportunities, recommends promising investments to the Fund Board and manages
the Fund’s investments.
R: You have been witnessing the development of NWS Holdings since itsreorganization in early 2003. Do you have any comments on the Groupsuch as its positioning and strategy?
K : I have been a strong supporter of the Group’s Chairman’s vision to reorganize
New World Group’s infrastructure assets in the manner that led to the formation
of NWS Holdings. New World Group’s collection of sound infrastructure businesses
benefited from this reorganization because of the financial strength and stability
created by the combination. An individual business within NWS Holdings may
face a weak market from time to time, but there will be times when others are
likely to remain strong. So the combination is more financially stable than any of
the individual businesses. Capital market recognition of this stability, reinforced
by the Group’s success in reducing debt over the past 21 months, leads to lower
financing cost and easier access to funding. The diverse collection of businesses
�� !"#$%&'()*+,-./012345AIG Asian
Infrastructure Fund II �� !"#$ %&17�� !"#$%&
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Mr Wilfried Ernst Kaffenberger, Non-executive Director of NWS Holdings, has decades of financial
experience and holds important positions in a number of global investment companies. In this issue’s
NWSH Chatroom, readers will be able to take a look at his role within NWS Holdings, as well as his
insights into the Group’s future strategy.
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Mr Kaffenberger and his alternate director, Mr David Yeung�� !"#$%&'()*+,"#
○
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5
Mr Kaffenberger and his family on his 60th birthday last March (From left: Ross, his son;Carol, his wife; Mr Kaffenberger; Jennifer, his eldest daughter; Tris, Jennifer’s husband;and Sarah, his youngest daughter)�� !"#$%&'()*+,-.60�� !"#$%&Ross�� Carol�� !�� !"#$Jennifer�� Tris�� !Sarah�
○
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NWSH CHATROOM
�� !"
within NWS Holdings also combines a wide range of operating expertise within
the Group. A combination of good people and financial strength is a good recipe
for future growth and positions the Group to further develop its leading position
in Hong Kong and expand its business in Mainland China.
R: What are your views on the economic outlook of Mainland China,particularly for infrastructure investment? What business opportunities doesit suggest for the Group?
K : The economic outlook for Mainland China in the short term faces some challenges,
as the authorities seek to engineer an economic soft landing from recent over-
heated growth. The economic growth rate in Mainland China is sure to slow down
and some sectors face unpleasant adjustments. These adjustments can, however,
also create investment opportunities. If you are an investor with capital and good
people, like NWS Holdings, Mainland China is the place to be over the long term.
The country’s average growth rates over time are likely to be higher than most.
This growth will require continuing infrastructure investment in such services as
power, water supply and transport. Construction activity of all types will continue
at a high average level despite periodic ups and downs. NWS Holdings is well
positioned to develop future growth opportunities in Mainland China in these
areas.
R: Why did you choose financial investment as your lifetime career?
K : My career has allowed me to see more of the world and to work with a wider
range of people than any other career I can think of. This experience has been
both deeply satisfying and a privilege. It is also an honour to be entrusted to
manage the sort of institutional capital that the Fund represents. Many of the
institutions that have invested in the Fund manage savings of individual people in
Asia and the US. They would like to earn a fair return on these savings and trust I
will do so.
R: Has your education at prestigious institutions had great influences onyourself?
K : Simply put, the good fortune to attend first Princeton, and then Harvard, has
made everything else in my life possible. I came to the US as a nine-year-old
immigrant as part of a family with no money, status or prospects. The fact that
institutions like Princeton and Harvard opened their doors to someone like me
says more about the generosity of a system that believes in giving people the
opportunity to succeed than it says about me.
R: Do you have any role models in your life?
K : I have had many role models that can best be described by some of the core values
they tend to have in common. These values include the desire to do things well.
But doing well is not enough. Things should be done in the right way, meaning to
do right by others. My role models have done things well and have done them in
the right way.
R: Do you mind sharing with us your personal interests and/or hobbies?
K : My personal interests turn to sports. I am an avid tennis player and periodic skier
who over the last two years has been bitten by the golf bug. My family is my main
focus. My wife teaches at a local university, and I have three grown children, a son
and two daughters.
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6 COVER STORY
�� !
�� !"NWS Holdings
�� !"#$%&2004�6�30�� !"#$%&'()*+,-29%�� 15.382
�� 2003�� !11.932�� !"#$%&118%�� 125.529�� 2003��
��5 7 . 7�� !"#$%&'()*+,-#./012&34$%5678
�� !"#$%&'()*+, 2 0 0 4�6�3 0�� !"#$%#&'0 . 2 5�
�2003�� !0.20�� !"#$%&'()*+$#,2004�6�30�� !46��
�2003�� !69�� !"#$%&'(44%�2003��64%��
NWS Holdings posted a 29% increase in profit attributable to shareholders toHK$1,538.2 million (2003: HK$1,193.2 million) in its annual results for the yearended 30 June 2004. Turnover rose 118% to HK$12,552.9 million (2003:HK$5,770.0 million), including the Group’s first full-year contributions from itsService businesses and Infrastructure assets acquired upon completion of the reorganizationin January 2003. The board of directors has resolved to recommend a final dividendof HK$0.25 per share for the year ended 30 June 2004 (2003: HK$0.20). Net debtdecreased to HK$4.6 billion as at 30 June 2004 (2003: HK$6.9 billion) while thegearing ratio dropped to 44% (2003: 64%).
�� !"#$% AOP Mix
�� 3.699 ��HK$369.9M
20%
�� 8.062 ��HK$806.2M
42%
�� 7.272 ��HK$727.2M38%
�� !" 19.03 ��Total: HK$1,903M
�� Service○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
�� ! Facilities�� !"#$%$&'()�� !"#$%&'()*�� !"#$%&'()*+�� !"#$%&'()*�� !"#2004�� !"�� !"#$%&'()*�� !"#$%&'()*�� !"#$%&'()*�� !"#$%&'()*�� !"#$%&'()�� !"#$%&'()*+,-./0123
Hong Kong Convention and Exhibition Centre (Management) Limited achievedexcellent results by capturing business that was deferred and rescheduledto the first quarter of 2004 as a result of the SARS outbreak. Propertymanagement posted satisfactory results while cleaning companies achievedsubstantial profit growth. Sky Connection Limited was another key contributorowing to the rebound in Hong Kong’s tourism sector.
�� ! Contracting�� !"#$%&'()*+#$,-./"012�2003�� !"#$%&'()*+,-./012�� !"#$%&'()*+,-$%&'./012&�� !"#$%&'()*+,-�� !".,/�� !25%�� !"#$%&'()*+,-174��� !"#$%&'()*+114��
Despite a shrinking construction market in Hong Kong,the Contracting segment achieved an attributable operatingprofit (“AOP”) similar to that for FY2003. Apart fromthe share of results from the investment in Wai KeeHoldings Limited, Hip Hing Construction Company Limited(“Hip Hing”) was the major contributor, representing
25% of the segment’s AOP. Total contracts-on-hand of the Contractingsegment were worth HK$17.4 billion with HK$11.4 billion representingthe total value accruing upon completion of these projects.
�� !"# Attributable Operating Profit
2004 2003 ���� !"HK$’ M �� !"HK$’ M Change
�� ! 344.3 258.1 +33%
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
Facilities
�� ! 253.6 253.3 -
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
Contracting
�� ! 65.7 33.5 +96%
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
Transport
�� !"#$%&'() 63.6 87.2 -27%Financial, Environmental & Others
�� 727.2 632.1 +15%Total
�� !Transport�� !"#$%&'()*+,�� !"#$%&'()*+,�� !"#$�� !%&'(�� !"#$%&'()*+,�� !"#$%&'()*+,�� !"#$%&'()*+�� !"#$%&'(MerryhillGroup Limited�� !"#$%&�� !"#$%&'()*+,�� !"#$%&'(2004���� !"#$%&'()�*+�� !"#$%
The Transport segment registered a growth in AOP. Yet neither New WorldFirst Bus Services Limited nor Citybus Limited has regained its profitabilityback to pre-SARS level. The dramatic increase in oil prices and competitionfrom other modes of transport have further affected their profitability.The formation of the Merryhill Group Limited, of which NWS Holdings hasa 50% stake, has started to bring synergies which can help relieve thepressure from unfavourable factors. The investment in Kunming bus marketin early 2004 has already contributed profit in FY2004.
��Ports
��Infrastructure
��Service
�� ! Debt Reduction Progress
2003/04�� !Final Results
�� Net Debt
��87��HK$8.7 billion
��69��HK$6.9 billion ��57��
HK$5.7 billion��46��HK$4.6 billion
02/2003 06/2003 03/2004 06/2004
7
�� !
�� !"#$%&'() Financial, Environmental & Others�� !"#$%&'()*+,-./01234,56789:*+;<=24%�� !"#$%&'�� !"#$%&'()*+,-./0123456789:;./<=>?@./ABCDE)FG�� !"#$%&'()*+"&,-./012'
The Financial segment marked a substantial improvement which was in line with the more positive stockmarket sentiment. The contribution from Tai Fook Securities Group Limited and Tricor Group for FY2004also improved. NWS Holdings has recently invested in share registration and corporate secretarial servicesin Singapore through its 24%-owned Tricor Group. Operating results from the Environmental segmentremained stable.
COVER STORY
�� Infrastructure○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
�� !"# Attributable Operating Profit
2004 2003 ���� !"HK$’ M �� !"HK$’ M Change
�� !"#$%&' 515.2 422.8 +22%Energy and Water Treatment & Waste
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
Management
�� !" 291.0 346.3 -16%Roads & Bridges
�� 806.2 769.1 +5%Total
�� Energy�� !"#$%&'()*+,$-�� !"#$%&'(&)*+,-.�� !16%�� !"#$%7%���� !
Rapid growth of local heavy industriesand hot weather drove a 16% increasein overall electricity sales of Zhujiang PowerPhase I and II. Macau Power also recordeda satisfactory 7% increase in electricitysales.
�� !"#$ Water Treatment & Waste Management�� !"#$%&'()�� !"#$%&'()�� !"#$%&'()�� !"#$%&'()�� !"#$%&'()�� !"#$%&'()�� !"#$%&'()�� !"#$%&'()�� !"19�� !"#�� !"#$%&'�(�� !"#$%&'()*+,-
The full-year contribution from a water project in Chongqing that commencedoperation in November 2002 and a net reduction in provision for under-performing projects contributed to an increase in the segment’s AOP. Thewater treatment operations expanded coverage to Sanya, Hainan Provinceand Tianjin’s Tanggu District. The Macao Water Supply Company Limitedonce again stood out as the highest profit contributor in this segment.
�� ! Business outlook�� !"#$%&'()*+,-./012$3456789:;<=
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The recent economic rebound is favourable to the Group’s Service divisiondespite the pressures arising from surge in oil price, start of a new interestrate hike in the US and the austerity measures adopted by the CentralGovernment. The Facilities segment has shown strong recovery and hasgood growth potential. To accommodate the ever increasing demand fromexhibitors and convention organizers, the Group is in discussion with theHong Kong Trade Development Council on the HKCEC Atrium Link extension.Synergies in the Transport segment following the business merger are alsoexpected to enhance profit.
The success of the Kunming transport project has set a role model to othercities in Mainland China and enhanced the Group’s determination to extendits transport services across the border. In Contracting, the setting up ofwholly foreign-owned enterprises in Beijing and the strategic investmentin Wuhan are both excellent steps forward in the huge construction market.
�� !" Roads & Bridges�� !2003�� !"#$%�� !"#$%&'()*+�� !"#$%&'()*+�� !"#$%&'()*�� !"#2003�8�� !�� !"#$%&'()#��� !"#$%&'()*+�� ! "#$%&19%���� !"#$%&'!()*+�� !"#$%&'()*+�� 18%�19%�
Due to the one-off gains booked in FY2003, the AOP of the Roads andBridges segment recorded a decrease in FY2004. However, the Group’skey road projects performed well. The toll income of Guangzhou City NorthernRing Road increased by 19%, which was attributed to the reclassificationof Guangdong toll rates/vehicle types that took effect in August 2003 andincrease in average daily traffic flow. The average daily traffic flow of SectionsI and II of the Beijing-Zhuhai Expressway (Guangzhou-Zhuhai Section) alsoincreased by 18% and 19% respectively.
8
NWS Holdings will continue to consolidate businesses and enhancesynergy. Furthermore, the Group will leverage on its expertise toseek growth and expansion, especially in the Pearl River Delta,including Hong Kong, Macau and Guangdong Province, where ithas already had strong footholds with facility management, waterand energy plants, expressways, etc. Although competition remainskeen, the Group is confident that new projects will generate favourablereturns for shareholders.
COVER STORY
�� !
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�� Ports○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
�� !"#$%&'() �� !"#$%&'()*+,-./0123�� !"#$%&'()*+,-.134�� !"#$%2004�� !�111�� !"#$%&'()*+,-./0123456789:;�� !"#$%&'()*+,-./0123456789:;<=>�� !"#$%&'()*+,-./012395%�� 91%�� !�� !"#$%#&'()*+,-.$/012345
�� !"#$%&'()*+,-./012345114�� !"#$�� !"#$%&'()*+,-./(48.2�� !"#$%&'()�60.3�� !"# The Ports business in Hong Kong recorded a decrease in throughput from
1.34 million TEUs in FY2003 to 1.11 million TEUs in FY2004 due to lossof a major customer in CSX World Terminals Hong Kong Limited. The operatoris now undertaking aggressive marketing strategy to attract replacementcustomers and implementing cost-saving measures to retain profit margin.ATL Logistics Centre Hong Kong Limited (“ATL”) contributed a stable AOPin FY2004. The average occupancy rate decreased slightly to 91% from95% in the previous year as its business nature and clientele are differentfrom that of container terminal. To maintain its premier position, ATL isnow upgrading both hardware and software to enhance its quality servicesto clients.
CSX Orient (Tianjin) Container Terminals Co., Limited handled 1.14 millionTEUs in FY2004. Throughput for Xiamen Xiang Yu Quay Co., Ltd. increasedfrom 482,000 TEUs in FY2003 to 603,000 TEUs in FY2004.
�� ! Business outlook��� !"#$%&� '()*+,-./0123456��'7�� !"#$%&'()*+,-./012345 !67#8,9�� !"#$%&'()*+,-./0123456789:;&<�� !"#2008�� !"#$%&'()*+,-./01
Hong Kong ports are facing fierce competition from Shenzhen ports.Mainland China is the key to the success of the Group’s ports operations.Xiamen, the shipment hub for Fujian Province in southeast China, is setto benefit from the strong growth in the shipping sector. Tianjin remainsthe gateway port to the north and is most likely to benefit from activitiesleading up to the 2008 Olympics.
National electricity demand rose by 18.5% in the first half of 2004 withthe promising demand and sales of electricity in Guangdong Province. MacauPower will also benefit from the booming tourism industry.
Keener competition will be seen for water treatment and waste managementprojects as the Ministry of Construction issued a set of guidelines/directivesstipulating that concessions for these projects will only be awarded throughopen tender effective May 2004. Nevertheless, the AOP contribution fromthis segment is likely to grow as new projects come on stream. The extensionof Qingdao Water Plant is expected to be completed in mid-2006.
As for road projects, the sustainable economic development, together withthe increase in personal consumption and private car ownership, shouldcontinue to boost growth in traffic flow. The Central Government’s planof building an 82,000-km expressway network will create ample investmentopportunities.
�� !"#$%&'()*+,-./012345,3678
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2004 2003 ���� !"HK$’ M �� !"HK$’ M Change
�� ! 186.5 240.4 -22%
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
Container Handling
�� !" 183.4 156.5 +17%Logistics & Warehousing
�� 369.9 396.9 -7%Total
9
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COMPANY HIGHLIGHTS
�� !
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�� !"#$%&'(�� !"#$%&'(�� !"#$!%&'(�� !"#$%&$'�� !�"#$%&'�� !"#$%&'(�� !"#$%&'(�� !"#$%&'(��1 9 8 5�� !"#8.5�� !"#$%&'��25.5�� !"#$%�� 99%�� !"#$�� !"95%�� !
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Since its reorganization in 1985, The Macao Water Supply Company Limited(“Macao Water”) has adopted a harmonious mix of Chinese and Westernmanagement practices to provide reliable water supply in the city. Today,Macau citizens can drink potable water directly from the tap as the waterquality complies with stringent European standards.
Jointly operated by the French Suez Group and NWS Holdings which holdsa 42.5% stake, the ISO9001:2000 certified Macao Water deploys state-of-the-art technology from France in its two treatment plants as well ashighly automated systems throughout the treatment processes. The dailyproduction capacity has considerably increased from 85,000m3 to255,000m3 over the past two decades. The Laboratory & Research Centerensures excellent water quality through advanced and meticulous watertesting and analyzing.
The Macao Water Supply Company Limited
�� !"#$%&'()*+,-./01234Mr Philippe Wind, Executive Director of Macao Water, is optimistic about thecompany’s prospect
�� !"#$%&'()*+,-./0�123��The highly automated systems guarantee stable andreliable supply of water
�� !"#$%&'()*+,-4,200�� !"The Laboratory & Research Center performs an average of 4,200 wateranalyses per month
○
○
○
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Mr Philippe Wind, Executive Director of Macao Water, said, “With theboom in tourism following the relaxation of individual travel policy in MainlandChina, the opening of new casinos as well as population growth, the companyhas recorded approximately a 4% increase in water sales this year on average.We believe the momentum will continue with the East Asian Games in2005 and the future Hong Kong-Zhuhai-Macau Bridge.”
On the other hand, Macao Water has takenproactive measures to enhance operationalefficiency, including an innovative project thathas remarkably brought the non-revenue waterratio down significantly from 40% in the 1980sto 9.6% at present. Macao Water’s successfulmodel of privately-owned water supply providesan excellent showcase for NWS Holdings to tapthe lucrative Mainland China market.
10
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
EYE ON GREATER CHINA
�� !"
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�� !"#$%&'4 . 5�� !"#$%3 4 . 8B�� !"#$%38,846.3�� !"#$%&'33.3%�� !"#$%&'()�*+,�� !"#$%&'()*+,-./0123"4567839:;"�� !"#$%&'()*+,-./0123456'789:();�� !"#$%&'()*+
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�� !"#$%&'()*+71.5�� !"#$%40%�� �� !"#$%&'()*+�� !"#$%&'() *�� !"#$%&'()*+�� !"#$%&'(�)*�� !"#$%&'()*+ �� !"#$%&'()*+�� !"#$%&'()*
�� !"#$%&'()*2004�� !"#$%&'�()*��� !"#$%&'()*+�� !"#$%&'()*+�� !"#$%&'()*+,�� !"�#$%&'()*�� !"#$%&'(#)*�� !"#$%&!'"()�� !"#$%�&'()*
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The signing of the Pan-Pearl River Delta (“Pan-PRD”) Regional CooperationFramework Agreement on 3 June 2004 marks closer economic collaborationamong nine provinces and two special administrative regions in transport,logistics, infrastructure, services, etc.
The Pan-PRD region has a population of 450 million (34.8% of the nationaltotal) and a GDP of RMB3,884.63 billion (33.3% of the national total).Given its considerable size of foreign investment as well as the strengthsof Hong Kong and Macau, the region is an important market that offersextensive opportunities for Hong Kong enterprises.
Collaboration in transport, energy and logisticsHong Kong, as the largest investor in the region, may utilize its strengthsto serve as a value-added service centre to help develop supply chain managementso as to make way for more products manufactured in the region to accessthe world market successfully.
Last year, a total of 13.5 million containers from Guangdong were re-exported through Hong Kong, 5.8 million of which being shipped to HongKong via the Pearl River. The Ministry of Communications and the GuangdongProvincial Government have decided to improve the waterway network inthe Pearl River Delta in five to eight years, which will in turn benefit HongKong’s logistics industry.
The existing 715,000-km roadway network in the Pan-PRD region covers40% of the national total, and a 30,000-km highway network is in thepipeline. The Hong Kong-Shenzhen Western Corridor under constructionand the planned Hong Kong-Zhuhai-Macau Bridge will further improvetransportation in the region, thus strengthening Hong Kong’s status as aninternational logistics hub.
To alleviate the pressure brought by power shortage in Mainland China,the Central Government puts priority in development and cooperation ofpower supply. A new pricing mechanism linking electricity price with coalprice is under consideration in order to set the electricity prices accordingto market rates.
As a major service, infrastructure and ports management provider in HongKong, Mainland China and Macau, NWS Holdings is well positioned toleverage on its experience andexpertise to explore investmentopportunities arising from theregion.
Opportunities arisingfrom the Pan-PRDregional cooperation
�� !"#$%&'()*+,-./0123�� !"#$%&'()*+Improving the inner river waterway in the Pearl RiverDelta will help lower shipping cost and enhancethroughput of Hong Kong’s container terminals○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
�� !"#$%&'()*+,-./�� !"#$Collaboration in energy supply amongprovinces is an important part of the Pan-PRD cooperation framework
11IN HIS / HER WORDS
�� !
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�� ! �� !�� !"#$%&'()*+,-.&/0123�45Midco�� !"��600�� !"#$%&'()*+,-.�/01234/56789�� !"#$%&'()*+,-./01234-5607809:;�� !"#$%&'()*"+,--./01234,56789:;�� !"#2002�� !"#$%ITU Telecom Asia 2002�� !"#$%&�� !"#$%&'()
�� !"#$%Midco�� !"#$%#&'()*+,-./0123�� !"#$%&'1,800�� !"#$%&'()*+�,-"./�� !"600�� !" �#$%&'()*+,-./012345!�� !"#$%&'()*+,-./0"123456789:;<=�� !"
�� !"#$%&'(�� !"#$%&'"()*+,-./0123456789:7;<�� !"#$%&'()*+,-#$./012Midco�� !"#$�� !"#$�%!&'()*+,-.'/0123456�'789�� !"#$%&'()*+,Midco�� !"#$%&'()*+,�� !"#$%&'(�)*"+,-./0123456789.:;�� !"
Midco�� !"#$%&'()*+,-.,/012,3456,78�� !"#$%&'()*+,-./012#3456789:;<=�� !"#$%&'()*+,-./0'1234567(89:;<=�� !"#$%&'(�)*+,-'./)012345
�� !"The all-round “apprentice”�� !"#$��� ��� !==�� Midco Ip, Hong Kong Convention andExhibition Centre (Management) Limited
While new Management Trainees joined the Group recently, Midco Ip already
completed her training programme earlier this year and is now working in
the Finance Department of Hong Kong Convention and Exhibition Centre
(Management) Limited (“HML”). Throughout the three-year programme,
Midco worked in different departments in the Corporate Office and HML,
and has learned to be more flexible and think laterally.
Midco’s job rotation in HML covered various departments including Marketing
and Sales, Event Planning and Coordination, Food and Beverage, Building
Operations, etc. Extensive exposure opened her to new horizons, and the
wide range of experience turned her to be more mature, with the ability
to respond to changes quickly. Midco gained a valuable experience in crisis
management when she was once in charge of the coordination of a seminar,
at which the number of people showing up was more than what the hall
could accommodate. Midco tactfully persuaded the organizer to make alternative
arrangements for attendants by stressing the potential danger of overcapacity.
The experience in event coordination also served as training for lateral
thinking and customer service. Midco said much satisfaction was gained
when clients appreciated her advice and they established good relationships
that last even after the events.
More than sharpening various skills such as decision making, communication,
customer service and crisis management, Midco said the most important
thing she gained from the three years’ training is a better understanding
of the company’s operation that enabled her to perceive things from different
perspectives. Sharing her experience with the new Management Trainees,
Midco said, “To learn the most, don’t hesitate to take up responsibilities,
keep an open mind, be flexible and think forward.”
Midco�2001�1�� !�� !"#$%&'()*�� !"#$%&'()Midco joined the Group as aManagement Trainee inJanuary 2001, and is nowworking in the FinanceDepartment of HML
�� !"Midco�� !"�� !"#$%&'()*�� Be ing a t ra inee , M idcoperformed different dutiesincluding customer service andcatering
12
�� !"#$%&'()*+,-./�� !"#$%2004�7��8�� !"#$%&'()*+'(�� !"#$%&'()*+,-./01&2345!"#67�� !"#$%&'()* +
Representative offices of NWS Holdings in Hebei
and GuangzhouTo explore new investment opportunities in Mainland China, NWSHoldings has set up representative offices in Hebei and Guangzhouin July and August 2004 respectively.
�� !"#$%&'( 2004��� !�� !"#$%&'(2004��2004�9�� !"#$%&'()*+,-./�� !"#$%&"#'()*+,-./0123456"#78/9:;<�� !"#$%&'()*+,)-./0123"#456789:+&';<�� !"#$%&'()*+
NWSH Outstanding Employee Award 2004 calls for nominationNWSH Outstanding Employee Award 2004 is now open for nomination. Officeand frontline staff in Hong Kong and Mainland China are eligible for nomination.Top winners from the Corporate Office and individual SBUs will compete for theOutstanding Employee Grand Award to be presented at the annual ManagementConference next year. Staff can contact their respective Human Resources Departmentfor details.
�� !
NWSH SCOPE
�� !"#$%&'()*+,-.
�� !"#$%&�� !"#$%&2004�7�7�� !"#$%&'�� !"#$ !%&'�� !()*+,-./�� !"#$740�� !"#$%&' ()*+�� !180�� !"#$%&'()*+,-./�� 23.34%�� !"#$%&'()*+,2004�9�16��17�� !"#$%�� !"#$%&'()*+�� !"#$%&'(#$)*�� !"#$%&'()*+�� !"#$%&'()*+��� !"#$%&'
Senior management visited
CT8W in Hong Kong and
projects in TianjinThe senior management of NWSHoldings visited Container TerminalNo. 8 West (“CT8W”), in which theGroup has a 23.34% interest, at KwaiChung on 7 July 2004. Operated by
Asia Container Terminals Limited, CT8W has two berths of 740 metres in totallength with an annual handling capacity of 1.8 million TEUs. They also visitedTangjin Expressway (Tianjin North Section), CSX Orient (Tianjin) Container Terminalsand Tanggu Water Plant from 16 to 17 September, and were received by Mr LiuChangxi, Party Secretary of Tanggu District.
�� !"#$%&'()*+�� !"#$%&'()*+,2004�7�28�� !"#$%&'()*+,-./01�� !"#$%&'()*+
Mr Tsang Yam Pui’s tea reception with mediaMr Tsang Yam Pui, Executive Director of NWS Holdings, hosted a tea reception with themedia on 28 July 2004 to share his vision, goals and challenges in his new career.
�� �� !�� !
�� !"�� !"#$%&'()*+,-.'/��� !"#$#%&'()*+,-./�� !"#$%&'()*+,-.�� !"#$%&1.7�� !"#�� 47.5�� !"#418�� !�� !�"#$%&'()*+$%&�� !"#$2004�9�3�� !"�� !
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�� !"#$%&'()*�� !"#$%&'()*+,2004�9�1�� !"#$%&'�� !"#$%&'()(*+,-./%&'(01*+,-.�� !"#$��%&'(�)*+,-./012$�34)*+�� !"#$%&'()*+,-./$%&'()"!01234
Management Trainees commence dutyEight Management Trainees recruited this year have commenced their three-yeartraining in the Corporate Office, NWS Infrastructure Management Limited, NWSPorts Management Limited, HML, Hip Hing, NWS Engineering Group Limited (“NWSEGroup”) and Urban Property Management Limited (“UPML”) on 1 September2004.
NWFF (M) launched two new vesselsThe launching ceremony of two new high-speedcatamarans of New World First Ferry Services (Macau)Limited (NWFF (M)), namely New Ferry LXXXV andNew Ferry LXXXVI was held in Hong Kong and Macaurespectively on 3 September 2004. Costing HK$170million in total, each of the vessels can accommodate418 passengers.
Mr Robert Footman, Commissioner for Transport ofHong Kong; Mr Ao Man Long, Secretary for Transport
and Public Works of Macau; Dr Cheng Yu Tung, Chairman of New World Group;Dr Cheng Kar Shun, Henry, Chairman of NWS Holdings; Mr Tsang Yam Pui, ExecutiveDirector of NWS Holdings and Mr John Hui, Director & General Manager of NWFF(M), officiated at the ceremony.
13
�� !"#$%
���� !"#2 0 0 4�7�23�� !"#$%&'()�� !"#$%&'#$�� !"#$%&'()�� !"#$%&'()�� !"#"$%&'(�� !"#$%&'()�� !
Inauguration of Wallace Fountain in MacauWallace Fountain, of which the drinking water is supplied by Macao Water, was inaugurated.Mr Edmund Ho, Chief Executive of Macao Special Administrative Region, was invitedto officiate at the ceremony on 23 July 2004.
�� !"#$%&'(
�� !"#$�� !"#$%&'()*+,2004�7�19�� !"#$%&'()*�� !"#$%&&$'()*+,�� !"#$%&'()*+,-.�� !"#$
Mr Tommy Cheung spoke at the Pan-PRD
seminarMr Tommy Cheung, Executive Director of NWS Holdings, spokeat the Hong Kong Business Sector Seminar on 19 July 2004 toshare his views on business opportunities brought by the signingof the Pan-PRD Regional Cooperation Framework Agreement.
�� !"#$�� !"#$%&�� !"#$%&'()*�� !"+,-./012004�7�17�� !"#$%&'()*+,�� !"#$%&'()*+,-./0123456789:;<=>?@A
New World Insurance’s Business Planning WorkshopNew World Insurance Services Limited (“New World Insurance”) organized a company-wide BusinessPlanning Workshop on 17 July 2004. Through activities and presentation, staff were equippedwith business planning techniques.
NWSH SCOPE
�� !
�� !"#$%&'()�� !"#$%��&'(2004�7�28�� !"25�� !"#$%&'�� !"#$%&'()*+,-./�� !"#$%&'()*+,-.�� !"#$%&'()*+,-.�� !"#$%&'()*+,!-�� !"#!$%&'()*+,-�� !"#$%&
�� !"#$%&'
�� !"#$%&'�� !"#$%&'()2004�9�� !"#$%&'()*�� !"#$%&'()*+�� !"#$%&'()*+�� !"#$%&'()*+�� !"#$%&'()*+�� !"#$%&'(
�� !"#$%&'()
�� !"#$�� !"#$%&'()*+,-./0�� !"#$%&'2004�8�16�17���� !"#$%2004�� !"#$%�� !"#$%&'()*+,-./�� !"#$%&'()*+,-./
NWSE Group, Hip Hing and Vibro participated
in construction conferenceThe management of NWSE Group, Hip Hing and Vibro (HK) Limited(“Vibro”) participated in the 2004 Mainland and Hong KongConference on Development of Construction, Real Estate andProfessional Services held in Dalian from 16 to 17 August 2004to share the construction technology and expertise.
Citybus Silver Jubilee coincides with opening of its central
engineering facilityMr Lyndon Rees, Managing Director of Citybus Limited (“Citybus”), unveiledthe “smart bus depot” to coincide with the 25th anniversary of Citybuson 28 July 2004. Located on a 10,000-sq m plot in Chai Wan, the HK$300
million facility is Citybus’ centralengineering and maintenanceworkshops with environmentallyfriendly facilities.
Olympic medallists visited
Golden Bauhinia Square and
Avenue of StarsOlympic medallists from Mainland Chinavisited the Golden Bauhinia Square andAvenue of Stars, the tourist spotsmanaged by subsidiaries of the NewWorld Group and NWS Holdingsrespectively in September 2004.
14
�� !
ACHIEVEMENTS
�� !" 2004�� !"
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Hip Hing won the Quality
Building Award 2004Hip Hing won the Quality Building Award2004 organized by the Hong Kong Instituteof Architects and seven professional bodieswith Jolly Place, in recognition of its projectteam’s outstanding performance andcollaborative team spirit in constructingthe building.
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Macao Water awarded the Innovation TrophyMacao Water was awarded theInnovation Trophy by the FrenchSuez Group for its effectivemeasures in reducing non-revenuewater. The French Suez Groupand NWS Holdings each hold a42.5% stake in Macao Water.
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Xiamen Xiang Yu Quay named Quality Service TerminalXiamen Xiang Yu Quay was named a Quality Service Terminal 2004 by Fujian Intra Asia DiscussionAgreement and Fujian Local Carrier Conference Committee.
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Barbican achieved Integrated Management
System certificateBarbican Construction Company Limited (“Barbican”) was amongthe few construction companies in Hong Kong to be awardedthe Integrated Management System certificate which incorporatesISO9001, ISO14001 and OHSAS18001 management systems.
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UPML achieved excellence in water supply system maintenance
and environmental managementSeventeen properties under UPML wereawarded the Fresh Water Plumbing QualityMaintenance Recognit ion SchemeCertif icate by the Water SuppliesDepartment while City One Shatin waspresented with the Gold Wastewi$e Logoby the Env i ronmenta l Protect ionDepartment.
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CiF recognized as The Most Innovative ISV of
The YearCiF Solutions Limited (“CiF”) was named The Most InnovativeISV of the Year 2004 by Microsoft Hong Kong for its technologicalexcellence and creativity in employing Microsoft’s latest technology.
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UPML granted new
management contractUPML, hav ing managed theproperties of Mei Foo Sun Chuenfor 39 years, was commissioned bythe Owners ’ Incorporat ion tocontinue managing 65 blocks, orapproximately 9,000 units, for thenext three years.
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15VOLUNTEERING BULLETIN
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17/7/2004
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Graduation ceremony of Fun with EnglishThe three-month English class for new arrival children was completed successfullyand the graduation ceremony was held in the last lesson. Mr Patrick Lam, ExecutiveDirector of NWS Holdings, presented certificates to the students while receivinga beautiful collage created by them. The English class stimulated team spirit amongstaff as it gathered 47 volunteers from the Corporate Office and nine SBUs ofNWS Holdings.
5-7/2004
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UPML supported People’s Food BankTwo Properties of UPML, Harbour Height and Park Vale, joinedthe People’s Food Bank scheme organized by St James’ Settlementfrom May to July 2004 to donate food and rice to the needy.
31/7/2004
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Care & Services' carnival for the elderlyCare & Services Company Limited (“Care & Services”) organized a carnival for theelderly to provide them with information on retirement and financial planning aswell as health care tips.
7-9/2004
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Flag selling daysVolunteers of NWS Volunteer Alliance participated in flag selling to raise funds forAgency for Volunteer Service, Hong Kong Kidney Foundation, Kwun Tong MethodistSocial Service, Hong Kong Rehabilitation Alliance and UNICEF.
7-9/2004
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CD recycling campaignNWS Volunteer Alliance supports a CD recycling campaign initiated by Friends ofthe Earth by setting up CD collecting points in the Corporate Office and SBUs. AllCDs collected will be crushed and melted into plastic raw material for producingcases of mobile phone and computer.
Storytelling activity for Hans Anderson Club’s StorylandVolunteers of NWS Volunteer Alliance experienced the funof storytelling and games to inspire young children’s languageskills, cognitive skills, creativity and pronunciation at HansAnderson Club’s Storyland.
The Group also collected over 600 children’s books, includingstorybooks, textbooks and workbooks, from its staff for theChuk Yuen Centre and Storyland of Hans Anderson Club.
8/2004 - 5/2005
4/9/2004
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Hairstyling for the elderlyVolunteers were invited by Hong KongSheng Kung Hui Tsz Wan Shan Day CareCentre for the Elderly to provide haircutsfor their members. They spared theirleisure time on Saturday and more than20 elders had their hair cut.
16
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VOLUNTEERINGBULLETIN
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Circle the correct answer to the below question and send it to Corporate CommunicationDepartment of NWS Holdings with your personal information by 30 November 2004.
You may win one of the five 25th anniversary bus models sponsored byCitybus Limited.
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��=Fax: (852) 2131 6250�� E-mail: [email protected]
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Congratulations! Each winner will be awarded a star pillar crystalsponsored by AOS Management Limited.
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Special thanks to: AOS Management Limited
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��Question
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1) �� ! Logistics centre2) �� Power plant3) �� Water plant4) �� ! Bus depot
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4) �� !"#$%&Passing herbs between storeroom and shop
QUIZ
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�� !"#=E�� !"#FChampion: Finance Department
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5/9/2004
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SAGE WalkathonMore than 30 volunteers joined the SAGE Walkathon to raise funds for The HongKong Society For The Aged at Tai Po Waterfront Park. The volunteers enjoyed asunny holiday with the elderly.
25/9/2004
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Mid-Autumn celebration with
the elderlyThis was the third year that more than 20 volunteerscelebrated the Mid- Autumn Festival with 220elders and their associates in a party organizedby the YWCA Ming Yue Elderly CommunityCentre at Quarry Bay Park. The volunteers helpeddecorate the venue, delivered musical performanceand played games with participants.
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�� !"#$%&=E��� !FMerit: Corporate Communication Department
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NWS Holdings participated in Community Chest’s
Dress Casual DayWhile supporting Community Chest’s Dress Casual Day to help the needy, NWSHoldings held a Departmental Dress Special Competition to promote staff’s teamspirit and creativity at the Corporate Office. Winners are as follows:
Merit: Human Resources and Training &Development Department
