PowerPoint 簡報 · 2019. 6. 11. · −HHI corporate level net cash RMB523m (31.12.16)...
Transcript of PowerPoint 簡報 · 2019. 6. 11. · −HHI corporate level net cash RMB523m (31.12.16)...
B.
Stock Codes: 737 (HKD counter) & 80737 (RMB counter)
24 January 2017
Presentation slides are available on www.hopewellhighway.com
HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 合和公路基建有限公司
2016/17 Interim Results
B. 2
Key Messages 重點
Net profit up 6% yoy to RMB267m, as core operations grew and net exchange loss narrowed 淨溢利按年上升6%至人民幣2.67億元,由於核心業務增長和淨匯兌虧損收窄
Interim dividend per share RMB8.6 cents 中期股息每股人民幣8.6分
GS’ growth momentum has persisted 廣深高速增長動力持續
− Average daily FLE traffic reached historical high 日均折合全程車流量創歷史新高
− Average daily toll revenue returned to peak level in 1HFY14 after tariff cut in Jun 2012 日均路費收入重返自2012年6月路費下調後,於2014財年上半年錄得的最高水平
WDR net profit up 168% yoy to RMB51m (HHI’s share) 合和公路基建分佔的西綫淨溢利按年上升168%達人民幣5,100萬元
RMB49m net exchange loss on RMB depreciation (HHI’s share) (1HFY16: RMB60m) 受人民幣貶值影響,合和公路基建分佔淨匯兌虧損為人民幣4,900萬元 (2016財年上半年:人民幣6,000萬元)
1H FY2017
B. 3
Key Messages 重點
GS JV borrowed RMB2b in Aug 2016 to reimburse past capex funded by shareholders, which strengthened HHI’s financial position 廣深合營企業於2016年8月獲得人民幣20億元的貸款,用以償還過往由股東墊付的資本開支,此舉有助進一步鞏固合和公路基建的財務狀況
No need for HHI to inject further capital into West Route JV 合和公路基建毋須投入更多資本予西綫合營企業
WDR utilised surplus cash to prepay bank loan principal: (i) fully prepaid RMB373m due in 2017; (ii) prepaid >37% of RMB435m due in 2018 as of 31 Dec 2016 (JV level) 西綫善用現金盈餘提早償還銀行貸款本金:(i) 已全數提早償還在2017年到期的人民幣3.73億元;(ii) 於2016年12月31日,已提早償還超過37%於2018年到期的人民幣4.35億元 (合營企業層面)
Strong financial position. HHI corporate level net cash RMB523m or RMB0.17/share (31.12.2016) 財務狀況穩健。合和公路基建公司層面的淨現金在2016年12月31日達人民幣5.23億元或每股人民幣0.17元
1H FY2017
B.
B. 4
Key Messages 重點
FY17 net profit will be supported by healthy core operations 穩健的核心業務將有利於2017財年的淨溢利
~100% dividend payout target (full-year basis) sustainable 可以維持按全年計約100%的目標派息比率 − HHI corporate level net cash RMB523m (31.12.16)
合和公路基建公司層面的淨現金在2016年12月31日達人民幣5.23億元
− Expect ~RMB700m dividend from GS in 2017 (more than HHI’s annual regular dividend to shareholders in FY16) 預期在2017年收取廣深高速約人民幣7億元的股息 (高於合和公路基建在2016財年所派發予股東的全年常規股息)
− WDR targets to distribute dividend to HHI starting 2020 the earliest 西綫目標最早在2020年開始分派股息予合和公路基建
WDR is financially self-sufficient until at least 2022 西綫直至至少2022年在財務上能夠自給自足
PBOC lending rate cuts will lower WDR’s finance cost by ~RMB58m (FY17) and ~RMB61m (FY18) (HHI’s share) 中國人民銀行下調貸款息率,減低西綫的利息支出 (2017財年:約人民幣5,800萬元;2018財年:約人民幣6,100萬元) (合和公路基建份額)
GS’ profit sharing ratio will adjust from 48% to 45% starting 1 Jul 2017, one-off impact on HHI’s FY18 results 2017年7月1日起廣深高速的分潤比率將由48%下調至45%,對合和公路基建2018財年的業績有一次性的影響
Upcoming: 2H FY2017 & Beyond
B.
B.
Results Highlights 業績摘要
5
2015 2016RMB'm RMB'm
Net toll revenue淨路費收入
1,023 1,092 +7%
••
GS ↑4% to RMB791mWDR ↑13% to RMB301m- Phase I ↑8% to RMB56m- Phase II ↑14% to RMB180m- Phase III ↑16% to RMB65m
EBITDA of toll expressways收費高速公路除利息、稅項、折舊及攤銷前溢利
860 915 +6% • Healthy core operation
Net profit of toll expressways收費高速公路淨溢利
309 325 +5%
•
•
GS' net profit ↓6% to RMB274m mainlydue to ↑finance cost from RMB2b bankloan borrowed in Aug-16WDR net profit ↑168% yoy to RMB51m(1HFY16: RMB19m)
Corporate profit/(loss)公司層面溢利/(虧損)
6 (4) n/a
• ↓Net interest income: -↓ interest income due to shareholder's loan to Phase II fully repaid in Oct-15 - offset↓ finance cost after full repayment of all corp. bank loans
Profit before net exchange loss未計及淨匯兌虧損的溢利
315 321 +2%
Net exchange loss淨匯兌虧損
(60) (49) -18%
Profit attributable to owners of theCompany公司股東應佔溢利
251 267 +6% • Core operation grew and ↓net exchangeloss
For the six months ended 31-Dec截至12月31日止六個月
%change變動
Major reasons for change
B. 6
HHI’s Results 合和公路基建的業績
For the six months ended 31-Dec截至12月31日止六個月
(RMB’M) (人民幣百萬元) 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
GS SuperhighwayN1 廣深高速公路 757 791 638 662 (210) (228) (138) (160) 290 274
Western Delta Route 西綫 266 301 222 253 (86) (107) (117) (95) 19 51 Phase I West 西綫 I 期 52 56 40 44 (11) (14) (7) (6) 22 24 Phase II West 西綫 II 期 158 180 136 157 (49) (58) (54) (40) 33 59 Phase III West 西綫 III 期 56 65 46 52 (26) (35) (56) (49) (36) (32)
Sub-total 小計 1,023 1,092 860 915 (296) (335) (255) (255) 309 325+7% +6% +13% +0% +5%
Corporate results: 公司層面業績:
Bank deposits interest income 銀行存款利息收入 17 14 Shareholder's loan interest income 股東貸款利息收入 9 - Other income 其他收入 1 - General and administrative expenses 一般及行政費用 (17) (18) Finance costs 財務成本 (3) (0) Income tax expense 所得稅開支 (1) -Sub-total 小計 6 (4)
Profit before net exchange loss 315 321 +2% 未計及淨匯兌虧損的溢利
Net exchange loss 淨匯兌虧損 (60) (49) Profit for the period 本期溢利 255 272
Minority interests 少數股東權益應佔溢利 (4) (5)
Profit attributable to owners of the Company 公司股東應佔溢利 251 267 +6%
Net TollRevenue淨路費收入
EBITDA除利息、稅項、折舊
及攤銷前溢利
Results業績
Interest & Tax利息及稅項開支
Depreciation &Amortisation
折舊及攤銷
N1: Excl. exchange differences from USD & HKD loans and related income tax
B. 7
Financial Highlights 財務摘要
Declared dividend in RMB, with the option to receive dividends in RMB or HKD or combination of RMB and HKD 以人民幣宣派股息,並提供以人民幣或港幣或以人民幣結合港幣的組合收取股息的選擇
N1: Based on PBOC exchange rate RMB1 = HK$1.11560 (4 Jan 2017)
EPS每股溢利
RMB cents 8.13 8.68 +6%
RMB cents 8.40 8.60HKD cents 9.9737 9.59416
% change變動
2015 2016
DPS - Interim每股中期股息
For the six months ended 31-Dec截至12月31日止六個月
N1
B.
HHI’s Dividend History 合和公路基建的股息往績
Target of approx. 100% dividend payout ratio on full-year basis is sustainable, in light of HHI’s strong financial position 合和公路基建的財政穩健,可維持按全年計約100%的目標派息比率
N1: Payout ratio excluded special dividend
HHI Dividend (HK cent / RMB cent per share)
8
FY11 FY12 FY13 FY14 FY15 FY16 FY17
Regular DividendPayout Ratio 98.9% 98.4% 97.5% 99.8% 99.6% 100.1% 99.1%
16.0 18.0 10.0 9.8 8.4 8.4 8.6
18.0 16.0
9.0 8.1 8.4 8.2
10.0 18.0
40.0
0
10
20
30
40
50 Special Final Dividend
Final Dividend
Interim Dividend
HK34.0 HK34.0
RMB19.0 RMB17.9
Regular:
RMB16.8 RMB16.6
RMB8.6
N1 N1 N1
中期股息
末期股息
特別末期股息
B. 9
Cash and Debt: HHI Corporate Level vs Share of JV 現金和債務: 合和公路基建公司層面與分佔合營企業的份額
N1: Total debt less bank balances and cash
HHI Corporate Level (RMB'm)As at 30.6.16 31.12.16 As at 30.6.16 31.12.16Bank balances and cash Corporate debt• Bank balances and cash 652 523 • Bank loan - -
Share of JV Companies (RMB'm)As at 30.6.16 31.12.16 As at 30.6.16 31.12.16Bank balances and cash Bank loans • Bank balances and cash 262 252 • GS Superhighway 1,403 2,401
• Western Delta Route 4,028 3,881 Phase I West 270 262
Phase II West 1,813 1,699 Phase III West 1,945 1,920
262 252 5,431 6,282
Net cash: RMB523m (30-Jun-16: RMB652m)
Net debt : RMB6,030m (30-Jun-16: RMB5,169m)N1
Solid financial position at HHI corporate level 合和公路基建公司層面的財務狀況穩健
Project loans: non-recourse to HHI 項目貸款:對合和公路基建並無追溯權
B. 10
Impact from RMB Exchange Rate and US Interest Rate Changes 人民幣匯率和美國息率變動的影響
20%
3%
77%
RMB loans:
USD loans:
Possible exchange gain/(loss),
subject to RMB appreciation/
(depreciation)
Breakdown of HHI’s Bank Loans by Currency (HHI’s share of JV LoansN1) (As at 31 Dec 2016)
RMB 1,288m
RMB1,441m
RMB4,849m
N1: Represent HHI’s share of JVs’ bank loans of RMB6,282m and other borrowings of RMB8m
For every 1% Impact on HHI’s net profit
RMB depreciation ↓ ~RMB10m
US interest rate rise ↓ ~RMB10m
HKD loans: RMB153m
B.
GS Superhighway – Growth Has Persisted 廣深高速: 持續增長
Average daily toll: 日均路費收入
Up 4% yoy to RMB9.2m in 1HFY17, returned to peak level in 1HFY14 after tariff cut in Jun-12 2017年上半年上升4%至人民幣920萬元,重返自2012年6月路費下調後,於2014財年上半年錄得的最高水平
4QCY16 growth stronger than 2016’s 2016年第4季的增長較2016年整體強勁
11 N1: Coastal Expy fully opened 28 Dec 2013
Mar Apr May Jun Jul Aug Nov Dec(LabourHoliday)
1HCY
2HCY
2013 9,228 8,321 8,860 9,023 9,371 9,440 9,592 9,492 8,9132014 8,657 8,276 7,868 8,438 8,857 9,046 8,903 8,933 8,384 -5% -6%
2015 8,867 8,505 8,025 8,775 9,017 9,057 9,153 9,202 8,567 +2% +2%2016 9,303 8,374 8,584 9,002 9,266 9,204 9,779 9,831 8,875 +3% +4%
2015 vs 2014 yoy +2% +3% +2% +4% +2% +0% +3% +3% +2%2016 vs 2015 yoy +5% -2% +7% +3% +3% +2% +7% +7% +4%+4%
8,0557,770
+2%
7,774 8,300
8,7178,017
+0% +4%
CYyearlyavg.
7,921 8,634
yoy changeJan + Feb Sep + Oct(Lunar New Year) (National Holiday)
6,500
7,500
8,500
9,5002013
2014
2015
2016
(GZ N. RR closure)
(Ching MingFestival)
10,000
7,500
GS Average Daily Toll Revenue
(RMB ‘000)
N2: Apr: One more day toll-free Labour holiday in 2016 vs 2015 May: One less day toll-free Labour holiday in 2016 vs 2015
N2 N2
N1
B. 12
Western Delta Route (“WDR”) 西綫
Target EBITDA (JV level) to grow ~RMB100m/year until HZM Bridge opens in 2018* 港珠澳大橋在2018年開通前,除利息、稅項、折舊及攤銷前溢利 (合營企業層面) 目標每年增長約人民幣1億元
Financially self-sufficient until at least 2022 直至至少2022年在財務上能夠自給自足
Target to distribute dividend to HHI starting 2020 the earliest 目標最早在2020年開始分派股息予合和公路基建
Utilised surplus cash to prepay bank loan principal 善用現金盈餘提早償還銀行貸款本金
506
886786
722
546
200
300
400
500
600
700
800
900
FY13 FY14 FY15 FY16 FY17
WDR – EBITDA (JV Level) (RMB’m)
* As reported by media ^ At JV company level
10% discount on bank loans’ borrowing rate: 銀行貸款10%利率折扣優惠:
Phase I RMB539m loan^ (since Jun 2016): ↓ interest expenses by RMB1.4m in FY17 (HHI’s share) 西綫 I 期的人民幣5.39億元貸款 (自2016年6月):將減低2017財年的利息支出達人民幣140萬元 (合和公路基建份額)
Phase III RMB3.8b loan^ entered agreement: ↓ interest expenses by RMB3m in FY17 (HHI’s share) (half-year impact) 西綫 III 期的人民幣38億元貸款已達成協議:將減低2017財年的利息支出達人民幣300萬元 (合和公路基建份額) (半年影響)
1HFY17
B. 13
Average Daily Toll*
日均路費收入
Phase I West (RMB‘000)
628581
0
1,000
2,000
3,000
4,000
1HFY16 1HFY17
Phase II West (RMB‘000)
Phase III West (RMB‘000)
8%
GS (RMB ‘000)
9,2258,839
02,0004,0006,0008,000
10,000
1HFY16 1HFY17
732624
0
1,000
2,000
3,000
4,000
1HFY16 1HFY170
1,000
2,000
3,000
4,000
1HFY16 1HFY17
14%
17%
4%
12,59811,812
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1HFY16 1HFY17
7%
GS and WDR Aggregate (RMB ‘000)
WDR (RMB ‘000)
3,3732,973
0
1,000
2,000
3,000
4,000
1HFY16 1HFY17
13%
* Including tax
1,768 2,013
B. 14
Average Daily FLE Traffic 日均折合全程車流量
WDR (No. of vehicles ‘000)
4640
0
20
40
60
80
100
1HFY16 1HFY17
16%
GS (No. of vehicles ‘000)
9993
0
20
40
60
80
100
1HFY16 1HFY17
6%
5449
0
20
40
60
80
1HFY16 1HFY17
Phase I West (No. of vehicles ‘000)
10% 6052
0
20
40
60
80
1HFY16 1HFY17
Phase II West (No. of vehicles ‘000)
16%
2622
0
20
40
60
80
1HFY16 1HFY17
Phase III West (No. of vehicles ‘000)
20%
B. 15
68.6% 69.5% 67.6% 68.9% 73.1%
31.4% 30.5% 32.4% 31.1% 26.9%
0%
20%
40%
60%
80%
100%
Trucks
PassengerVehicles
GS WDR Phase I West Phase II West Phase III West
1HFY17 Toll Revenue Contribution
Passenger Vehicles as Major Contributor to Toll Revenue 客車是路費收入的主要來源
B.
6,000
7,000
8,000
9,000
10,000
11,000
JanFebMarAprMayJun Jul AugSepOctNovDec
2016
2015
2014
2013
2012
60
70
80
90
100
110
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016
2015
2014
2013
2012
16
GS Superhighway 廣深高速公路
Minimal positive impact from road network upgrade works near Shenzhen Bay border (mid-Oct 2016 to May 2017) 深圳灣口岸附近道路網在2016年10月中至2017年5月進行改善工程,帶來輕微的正面影響
NH107 Baoan section has planned to start upgrading works in 2018 (date to be announced)* 國道107寶安段已計劃在2018年進行改善工程 (施工日期有待公布)
1HFY16 1HFY17 yoy Avg. Daily FLE Traffic 93k 99k ↑6%
1HFY16 1HFY17 yoy Avg. Daily Toll (RMB) 8,839k 9,225k ↑4%
GS – Average Daily FLE Traffic# (No. of vehicles ‘000)
GS – Average Daily Toll Revenue^ (RMB ‘000)
N1
N2 N2 N2 N2
N3
N4 N1
N2 N2 N2 N2
N3
N4
* According to media # Excludes toll-free FLE traffic ^ Including tax N1: Tariff cut became effective on 1 Jun 2012 N2: Holiday Toll-free Policy was implemented N3: i) Impact of lower traffic (usually during the first two weeks of CNY carried over into Mar-15. Since CNY came later in 2015 compared with 2016, which resulted in a low base
ii) Closure of slow lanes on Chuancha Bridge near Machong for maintenance (Northbound 16 Mar 2016 to end-May 2016; Southbound 22 Mar 2016 to mid-May 2016) N4: Apr 2016 growth was affected by (i) reason in N3 ii; (ii) one more day of toll-free holiday in Apr 2016 compared to Apr 2015 N5: One less day of toll-free holiday in May 2016 compared to May 2015 N6: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N7: Lower base in 2015 due to the 70th anniversary of the victory of the Chinese People’s war of resistance against Japanese aggression holidays on 3-5 Sep 2015
N5
N5
N6
N6
N7
N7
B. 17
GS Superhighway – Still Room to Grow 廣深高速 - 仍有增長空間
Average daily FLE traffic ↑6% yoy to 99k vehicles in 1HFY17 2017財年上半年的日均折合全程車流量按年上升6%至9.9萬架次
Still room to grow 仍有增長空間
22% room to grow vs historical peak at 121k vehicles on 14 Sep 2016 相比2016年9月14日的歷史高位12.1萬架次,有22%上升空間
Total distance travelled by all vehicles on the expressway Full length of the expressway X no. of days in the review period * =
121
9993
0102030405060708090
100110120130
1HFY16 1HFY17 14.9.2016
GS – Average Daily FLE Traffic* (No. of vehicles ‘000)
▲6% yoy
(Historical peak)
22%
B.
15
20
25
30
35
40
45
50
55
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016
2015
2014
2013
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan Feb Mar AprMayJun Jul AugSep Oct NovDec
2016
2015
2014
2013
18
Western Delta Route (Phases I, II and III West) 西綫 (西綫I、II及III期)
WDR – Average Daily FLE Traffic# (No. of vehicles ‘000)
WDR – Average Daily Toll Revenue^
(RMB ‘000)
N1
N3
N2
N1 N1 N1 N1
N3
N2
N1 N1 N1
# Excludes toll-free FLE traffic ^ Including tax N1: Holiday Toll-free Policy was implemented N2: Impact of lower traffic (usually during the first two weeks of CNY carried over into Mar 2015. Since CNY came later in 2015 compared with 2016, which resulted in a low base N3: One more day of toll-free holiday in Apr 2016 compared to Apr 2015 N4: One less day of toll-free holiday in May 2016 compared to May 2015 N5: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N6: Sep 2016 traffic and toll revenue growth were affected by:
(i) Lower base in 2015 due to the 70th anniversary of the victory of the Chinese People’s war of resistance against Japanese aggression holidays on 3-5 Sep 2015 (ii) Small positive impact from maintenance works on a local road near the Bijiang interchange of WDR during Sep to Dec 2016
N4 N4
N5 N5
N6 N6
1HFY16 1HFY17 yoy Avg. Daily FLE Traffic 40k 46k ↑16%
1HFY16 1HFY17 yoy Avg. Daily Toll (RMB) 2,973k 3,373k ↑13%
4QCY16 toll and traffic growth stronger than 2016’s 路費收入及車流量在2016年第4季的增長較2016年整體強勁
Positive impact from maintenance works on local roads nearby (mid-Aug 2016 – Jul 2017) 附近地方道路的維修工程 (2016年8月中至2017年7月) 帶來正面影響
B. 19
Hengqin’s Developments Benefit WDR 橫琴的發展有利西綫
Total committed investments of over RMB320b at the end of 2016* 在2016年底,已承諾總投資額超過人民幣3,200億元
CY 2014 2015 2016 2017 2018 2019 2020Projects
Chimelong International OceanTourist Resort Phase 1Chimelong International OceanTourist Resort Phase 2Phase I of Lai Sun Group's Starand Artist Cultural Creative City
Ferretti Yacht Asia-Pacific Center
Guangdong-Macao CooperationIndustrial Park
InfrastructureMacau Cotai-Hengqin BorderCrossing 24-hour opening
Hengqin Second Bridge
�����
Opened Mar 2014
Started construction Target opening 2020*
Started construction Target opening end-2018*
Started construction Target opening 2018*
Started construction Target completion 2018 onwards*
Started since Dec 2014
Opened Dec 2015
* According to media Source: www.hengqin.gov.cn, media reports
B. 20
Future Developments to Benefit WDR 未來發展有利西綫
Healthy GDP growth of Guangzhou, Foshan, Zhongshan and Zhuhai (2016 Q1-Q3: ↑ 7.8% - 8.5%) 廣州、佛山、中山和珠海的本地生產總值均健康增長 (2016年第1-3季:上升7.8%-8.5%)
Macau’s new gaming resorts and hotels 澳門的新博彩度假村和酒店
Galaxy Macau Phase 2, Studio City, Wynn Palace and Parisian Macao (opened 2015-16): 7,500 new rooms 澳門銀河第2期、新濠影滙、永利皇宮和澳門巴黎人 (2015-2016年開業):提供7,500間新客房
Upcoming: MGM Cotai (opening 2H2017); Grand Lisboa Palace (completing end-2017) 未來項目:美高梅路氹 (2017年下半年開業);上葡京 (2017年底完工)
WDR will link up with: 西綫將連接到:
* According to media
Target opening*
HK-Zhuhai-Macau Bridge 港珠澳大橋 2018
Guangzhou-Zhongshan-Jiangmen Expy 廣中江高速公路 2019
Humen Second Bridge 虎門二橋 2019
Shenzhen-Zhongshan Corridor 深中通道 2023
B. 21
WDR’s Connectivity with HZM Bridge and Hengqin 西綫連接至港珠澳大橋及橫琴
Opening in Jan 2017*
* According to media
B. 22
∼ End of Presentation ∼
B. 23
Supplementary Information
B. 24
(RMB'M) 30-Jun-16 31-Dec-16 30-Jun-16 31-Dec-16Assets LiabilitiesHHI Corporate Level HHI Corporate Level Bank balances and cash 652 523 Other liabilities 7 10
Other assets 6 7
658 530 7 10 NAV of HHI Corporate 651 520
GS Superhighway JV (HHI's shared portion) GS Superhighway JV (HHI's shared portion) Bank balances and cash 212 195 Bank loans
Concession intangible assets 5,239 5,059 - USD 1,248 1,288 Property and equipment 212 237 - HKD 155 153
Other assets 43 18 - RMB - 960 Other liabilities 665 640
5,706 5,509 2,068 3,041 NAV of GS Superhighway JV 3,638 2,468
West Route JV (HHI's shared portion) West Route JV (HHI's shared portion) Bank balances and cash 50 57 RMB bank loans 4,028 3,881
Concession intangible assets 6,392 6,314 Other liabilities 253 266 Property and equipment 253 245
Other assets 16 12 6,711 6,628 4,281 4,147
NAV of West Route JV 2,430 2,481
Total Liabilities 6,356 7,198 Equity attributable to owners of the Company 6,673 5,440 Minority interests 46 29
Total AssetsN1 13,075 12,667 Total Equity and Liabilities 13,075 12,667
Total NAV 6,719 5,469
Assets and Liabilities – HHI Corporate and JVs 資產和負債: 合和公路基建公司層面與合營企業
N1: Excluding elimination of the Group’s balance with JV company prepared under proportionate consolidation method.
B. 25
Debt Maturity Profile 貸款還款期概況
Share of JV
RMB'm % RMB'm %
Repayable within 1 year 65 1% 173 3%
Repayable between 1 and 5 years 1,521 28% 2,151 34%
Repayable beyond 5 years 3,853 71% 3,966 63%
Total 5,439 100% 6,290 100%
30 Jun 2016 31 Dec 2016 N
B. 26
Exchange Rate Movement 匯率走勢
Source: PBOC
USD/RMB Exchange Rate 美元兌人民幣的匯率
(USD/RMB)
HKD/RMB Exchange Rate 港元兌人民幣的匯率
(HKD/RMB)
0.121
0.124 0.125
0.128
0.131
0.137
0.146
0.146 0.146
0.146
0.147
0.151
0.155
0.159
0.158
0.159 0.162
0.164
0.163
0.163 0.164
0.154
0.151
0.144 0.144
0.110
0.115
0.120
0.125
0.130
0.135
0.140
0.145
0.150
0.155
0.160
0.165
0.170
20 J
ul 0
530
Dec
05
30 J
un 0
629
Dec
06
29 J
un 0
728
Dec
07
30 J
un 0
831
Dec
08
30 J
un 0
931
Dec
09
30 J
un 1
031
Dec
10
30 J
un 1
130
Dec
11
29 J
un 1
231
Dec
12
28 J
un 1
331
Dec
13
30 J
un 1
431
Dec
14
30 J
un 1
531
Dec
15
30 J
un 1
630
Dec
16
11 J
an 1
7
0.940
0.961 0.971
0.995
1.026
1.068
1.137 1.134
1.134 1.136
1.146
1.175
1.202
1.234
1.227
1.233 1.255
1.272
1.260
1.268 1.268
1.194
1.170
1.118 1.120
0.85
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
20 J
ul 0
530
Dec
05
30 J
un 0
629
Dec
06
29 J
un 0
728
Dec
07
30 J
un 0
831
Dec
08
30 J
un 0
931
Dec
09
30 J
un 1
031
Dec
10
30 J
un 1
130
Dec
11
29 J
un 1
231
Dec
12
28 J
un 1
331
Dec
13
30 J
un 1
431
Dec
14
30 J
un 1
531
Dec
15
30 J
un 1
630
Dec
16
11 J
an 1
7
2% RMB appreciation on 21 Jul 2005
(HKD0.9400/RMB1)
2% RMB appreciation on 21 Jul 2005
(USD0.1233/RMB1)
PBOC devaluated RMB in Aug 2015
PBOC devaluated RMB in Aug 2015
B. 27
Income Tax 利得稅
Source: 國務院關於實施企業所得稅過渡優惠的通知,HHI
^ Announced in Mar 2007 and effective from 1 Jan 2008 * Enjoying tax holiday
Income Tax Rate Sino-foreignJV in PRC
FY14
9%FY09
FY13
FY14
FY09
CY2014 12.5%
24%24%
FY13
FY14
FY11
FY13
FY14
FY12
18%
20%
22%
10%
22%FY10FY10
FY11
FY10
FY09CY2008
CY2009
CY2010
CY2011
11%
24%FY11
10%
Phase III WestGS Superhighway Phase I West Phase II West
0%
FY16
9%
FY15
FY12
FY13
CY2017
CY2018
CY2016FY16
CY2015
FY12
FY15
FY16
CY2013
CY2012
FY17
FY1812.5%
0%FY15
CY2020 onwards
FY17
FY18
FY17
FY18
CY2019
25%
FY19 FY19 FY19 FY19
FY17
FY18
FY15
FY16
* *
*
*
*
* *
25%(until end
of JV)
25%(until end
of JV)
25%(until end
of JV)
*
*
25%(until end of JV)
^
B. 28
82.5% 81.7% 81.0% 81.0% 83.9%
17.5% 18.3% 19.0% 19.0% 16.1%
0%
20%
40%
60%
80%
100%
Trucks
PassengerVehicles
GS WDR Phase I West Phase II West Phase III West
1HFY17 FLE Traffic Contribution
Passenger Vehicles as Major Contributor to Traffic 客車是車流量的主要來源
B.
5,000
10,000
15,000
20,000
25,000
30,000
Cross HarbourTunnel
Eastern HarbourCrossing
Western HarbourCrossing
GS SuperhighwayPeak Section
(Guangdan to Huocun)
GS SuperhighwayAverage
No. of vehicle per lane per day
29
GS Superhighway – Average Daily Cross Sectional Traffic per lane and Effective Hour 廣深高速公路: 日均斷面車流量 (每車道)及有效小時
GS’ busiest section slightly higher than Eastern Harbour Crossing 廣深高速最繁忙路段輕微超越東區海底隧道
GS and HK Tunnels Effective hours (Dec-16)
Cross Harbour Tunnel 14.0 Eastern Harbour Crossing 9.3 Western Harbour Crossing 5.6 GS Peak Section 10.4 GS Average 8.6
GS’ busiest section slightly higher than Eastern Harbour Crossing
Remarks: 1) Effective hour = no. of vehicles per lane / 2,000 cars per hour per lane 2) 10 lanes in dual directions in Wudianmei to Taiping and Hezhou to Fuyong sections after expansion for the GS Superhighway 3) Average daily traffic of HK tunnels (Oct 2016): Cross Harbour Tunnel 112,000, Eastern Harbour Crossing 74,000, Western Harbour Crossing 67,000 4) Average daily traffic of GS Superhighway (Dec 2016)
B. 30
GS Superhighway – Measures to Control Operating Costs and Enhance Operational Efficiency 廣深高速公路: 控制營運成本及提高經營效率的措施
Streamline workforce 精簡員工架構
Automation 推行自動化
~76% toll lanes at entrance have Electronic Toll Collection (“ETC”) or automatic card-issuing machines 約76%的入口車道已設置電子不停車收費系統或自動發卡機
B.
82.5% 82.5%
17.5% 17.5%
0%
20%
40%
60%
80%
100%
1HFY16 1HFY17
31
GS Superhighway – FLE Traffic and Toll Revenue by Vehicle Type 廣深高速公路: 按車輛類別劃分的折合全程車流量及路費收入
GS: Avg Daily FLE Traffic by Vehicle Type
(16k vehicles) (17k vehicles +6%)
(77k vehicles) (82k vehicles +6%)
GS: Avg Daily Toll Revenue by Vehicle Type
68.0% 68.6%
32.0% 31.4%
0%
20%
40%
60%
80%
100%
1HFY16 1HFY17
(RMB6,326k +5%)
(RMB2,899k +2%)
(RMB6,009k)
(RMB2,830k) Trucks
Passenger Vehicles
B. 32
Coastal Expressway 沿江高速公路
Fully opened: 28 Dec 2013 在2013年12月28日全綫通車
GS is competitive 廣深高速具有競爭力
Connects to populous downtowns and major expressways with 22 toll stations 全程設22個收費站,連接多個大城市及主要高速公路
Professional patrol and rescue team 專業的巡邏和救援團隊
About 5% difference in travelling distance (HK to Guangzhou) vs Coastal Expressway (incl. connecting roads at both ends of Coastal Expressway) 由香港至廣州的行程與沿江高速相差約5% (計及沿江高速起點和終點兩端的接駁路)
Same tariff rate as Coastal Expressway 與沿江高速的收費費率相同
Coastal Expy GS Superhighway
Connecting roads to HK & Guangzhou * Toll-free from 28-Dec-13 (full opening) to 31-Jul-14
Opened: mid Jan-2012
(41km)
B. 33
Western Delta Route – Annual Toll Revenue per km 西綫: 全年每公里路費收入
Opening Yr Year1
Year2
Year3
Year4
Year5
Year6
Year7
Year8
Year9
Year10
Year11
Year12
Year13
Year14
Year15
Year16
Year17
Year18
Year19
Year20
Year21
Year22
GS (FY95) 4.4 5.8 7.5 9.8 10.8 13.1 14.4 15.4 17.2 20.6 24.2 26.2 29.8 26.0 26.6 28.5 30.1 29.5 25.7 25.8 25.2 25.9
WDR (FY13) 7.0 9.3 10.1 11.0
0.0
5.0
10.0
15.0
20.0
25.0
RMB'm
GS Superhighway (Trial run Jul-94, opened Jul-97)
35.0
Annual Toll Revenue^ per km (RMB’m)
Encouraging revenue generation since opening 全綫開通後的收入貢獻令人鼓舞
⌇
^ Including tax
WDR
B. 34
Western Delta Route (Phases I, II & III West) – FLE Traffic by Vehicle Type 西綫(西綫I、II和III期):按車輛類別劃分的折合全程車流量
WDR: Avg Daily FLE Traffic by Vehicle Type
82.1% 81.7%
17.9% 18.3%
0%
20%
40%
60%
80%
100%
1HFY16 1HFY17
Phase I West: Avg Daily FLE Traffic by Vehicle Type
81.7% 81.0%
18.3% 19.0%
0%20%40%60%80%
100%
1HFY16 1HFY17
Phase II West: Avg Daily FLE Traffic by Vehicle Type
81.5% 81.0%
18.5% 19.0%
0%20%40%60%80%
100%
1HFY16 1HFY17
Phase III West: Avg Daily FLE Traffic by Vehicle Type
84.2% 83.9%
15.8% 16.1%
0%20%40%60%80%
100%
1HFY16 1HFY17
Trucks Passenger Vehicles
(7k vehicles) (8k vehicles +19%)
(33k vehicles) (38k vehicles +15%)
(40k veh.) (44k veh.)
(42k veh.) (49k veh.)
(19k veh.) (22k veh.)
(9k veh.)
(10k veh.)
(3k veh.)
(10k veh.)
(11k veh.)
(4k veh.)
B.
69.3% 69.5%
30.7% 30.5%
0%
20%
40%
60%
80%
100%
1HFY16 1HFY17
35
Western Delta Route (Phases I, II & III West) – Toll Revenue by Vehicle Type 西綫(西綫I、II和III期):按車輛類別劃分的路費收入
WDR: Avg Daily Toll Revenue by Vehicle Type
Phase I West: Avg Daily Toll Revenue by Vehicle Type
68.1% 67.6%
31.9% 32.4%
0%20%40%60%80%
100%
1HFY16 1HFY17
68.7% 68.9%
31.3% 31.1%
0%20%40%60%80%
100%
1HFY16 1HFY17
71.9% 73.1%
28.1% 26.9%
0%20%40%60%80%
100%
1HFY16 1HFY17
Phase II West: Avg Daily Toll Revenue by Vehicle Type
Phase III West: Avg Daily Toll Revenue by Vehicle Type (RMB2,346k +14%)
(RMB1,027k +12%)
(RMB424k)
(RMB204k)
(RMB1,386)
(RMB627k)
(RMB535k)
(RMB197k)
(RMB2,059k)
(RMB914k)
(RMB396k)
(RMB185k)
(RMB1,214k)
(RMB554k)
(RMB449k)
(RMB175k)
Trucks Passenger Vehicles
B.
300
350
400
450
500
550
600
650
700
JanFebMarAprMayJun JulAugSepOctNovDec
2016
2015
2014
2013
2012
20
25
30
35
40
45
50
55
60
Jan FebMar AprMayJun Jul AugSep Oct NovDec
2016
2015
2014
2013
2012
1HFY16 1HFY17 yoy Avg. Daily FLE Traffic 49k 54k ↑10%
1HFY16 1HFY17 yoy Avg. Daily Toll (RMB) 581k 628k ↑8%
36
Phase I West 西綫I期
Phase I West – Average Daily FLE Traffic# (No. of vehicles ‘000)
Phase I West – Average Daily Toll Revenue^ (RMB ‘000)
N1
N2 N2 N2 N2
N3
N1
N2 N2 N2 N2
N3
# Excludes toll-free FLE traffic ^ Including tax N1: Tariff cut became effective on 1 Jun 2012 N2: Holiday Toll-free Policy was implemented N3: One more day of toll-free holiday in Apr 2016 compared to Apr 2015 N4: One less day of toll-free holiday in May 2016 compared to May 2015 N5; Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N6: Sep 2016 traffic and toll revenue growth were affected by:
i) Lower base in 2015 due to the 70th anniversary of the victory of the Chinese People’s war of resistance against Japanese aggression holidays on 3-5 Sep 2015 ii) Small positive impact from maintenance works on a local road near the Bijiang interchange of WDR during Sep to Dec 2016
N4 N4
N5 N5
N6 N6
B.
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
JanFebMarAprMayJun Jul AugSepOctNovDec
2016
2015
2014
2013
2012
10
20
30
40
50
60
70
Jan Feb Mar Apr MayJun Jul AugSep Oct Nov Dec
2016
2015
2014
2013
2012
1HFY16 1HFY17 yoy Avg. Daily FLE Traffic 52k 60k ↑16%
1HFY16 1HFY17 yoy Avg. Daily Toll (RMB) 1,768k 2,013k ↑14%
37
Phase II West 西綫II期
Phase II West – Average Daily FLE Traffic# (No. of vehicles ‘000)
Phase II West – Average Daily Toll Revenue^ (RMB ‘000)
N1
N2 N2 N2 N2
N3
N2 N2 N2 N2
N1
# Excludes toll-free FLE traffic ^ Including tax N1: Tariff cut became effective on 1 Jun 2012 N2: Holiday Toll-free Policy was implemented N3: One more day of toll-free holiday in Apr 2016 compared to Apr 2015 N4: One less day of toll-free holiday in May 2016 compared to May 2015 N5: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N6: Sep 2016 traffic and toll revenue growth were affected by:
i) Lower base in 2015 due to the 70th anniversary of the victory of the Chinese People’s war of resistance against Japanese aggression holidays on 3-5 Sep 2015 ii) Small positive impact from maintenance works on a local road near the Bijiang interchange of WDR during Sep to Dec 2016
N4
N5 N6
N3 N4
N5 N6
B.
1HFY16 1HFY17 yoy Avg. Daily FLE Traffic 22k 26k ↑20%
1HFY16 1HFY17 yoy Avg. Daily Toll (RMB) 624k 732k ↑17%
38
Phase III West 西綫III期
Phase III West – Average Daily FLE Traffic# (No. of vehicles ‘000)
Phase III West – Average Daily Toll Revenue^ (RMB ‘000)
N1 N1 N1 N1
N2
N1 N1 N1 N1
N2
# Excludes toll-free FLE traffic ^ Including tax N1: Holiday Toll-free Policy was implemented N2: One more day of toll-free holiday in Apr 2016 compared to Apr 2015 N3: One less day of toll-free holiday in May 2016 compared to May 2015 N4: Aug 2016 growth was affected by bad weather caused by Typhoon Nida during 2-3 Aug 2016 N5: Lower base in 2015 due to the 70th anniversary of the victory of the Chinese People’s war of resistance against Japanese aggression holidays on 3-5 Sep 2015
N3 N3
N4
N4
N5
N5
5
10
15
20
25
30
Jan Feb Mar AprMayJun Jul AugSep Oct NovDec
2016
2015
2014
2013
100
200
300
400
500
600
700
800
900
Jan Feb Mar Apr MayJun Jul AugSep Oct Nov Dec
2016
2015
2014
2013
B.
The Complete Network – 2018 2018年:完整的道路網絡
GS 1994
Phase I West 2004
Phase II West 2010
Phase III West 2013
Phase IV West (Gov’t Project)
2008
HK-Zhuhai-Macau Bridge
(Gov’t Project) 2018*
HZM Bridge Connecting Roads
(Gov’t Project) 2018*
Other Expressways (In Operation)
Other Expressways (Under Construction or Planning)
Main Roads / Class 1 Highways (In Operation)
Main Roads / Class 1 Highways (Under Construction or Planning)
Kowloon-Canton Railway
Guangzhou-Shenzhen-HK Express Rail Link
Guangzhou-Zhuhai Intercity Railway
Coastal Expressway
Legend:
B. 39 * According to media
B. 40
HHI’s Toll Structure^
合和公路基建的路費架構
Passengervehicles Trucks
Class Number ofseats
Loading weight(tonnes)
1 ≤7 ≤2 0.60
2 8-19 2-5 (include 5) 0.90
3 20-39 5-10 (include 10) 1.20
4 ≥4010-15 (include 15)
and20ft. container
1.80
5 - >15 and 40ft.container 2.10
Tariffrate*
(RMB perkm)
National classification
^ Effective since 26 Jun 2015 * Tariff rate under the national classification standard for trucks will be used only when the weighing equipment is out of order
Passenger vehicles 客車
Charge based on no. of seats 按座位數量收費
Trucks 貨車
Charge based on total weight of truck (tonne) 按貨車總重量 (噸) 收費
Basic tariff rate: RMB0.12/tonne/km (≥ 3x3 expressway) 基本收費:每公里每噸人民幣0.12元 (六車道或以上高速公路)
Penalty on overloaded trucks 對超載貨車徵收罰款
B. 41
Growth in PRC & Guangdong Registered Car Population 中國及廣東省註冊汽車數目的增長
* Incl. passenger & commercial vehicles but excl. motorcycles & truckers
Driven mainly by passenger car sales 主要由客車銷售帶動
Source: Statistics Bureau of Guangdong (www.gdstats.gov.cn), National Bureau of Statistics of China (www.stats.gov.cn), China Association of Automobile Manufacturers (www.caam.org.cn), CEIC
7894
163
146
27 32 3744
5163
127
109
24
0
20
40
60
80
100
120
140
160
180
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2.6 3.13.8 4.3
5.15.8
6.67.8
9.110.4
11.8
13.314.7
0
2
4
6
8
10
12
14
16
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Guangdong’s Registered Car Population* 廣東省註冊汽車數量
(No. of vehicles in million)
PRC’s Registered Car Population* 中國註冊汽車數量
(No. of vehicles in million) 10% 11%
B. 42
China Sold ~28m Vehicles in 2016 - World’s largest market for the 8th consecutive year 中國於2016年售出約2,800萬輛汽車:已是連續第8年成為全球最大汽車銷售市場
22 23 25
0
5
10
15
20
25
30
2013 2014 2015 2016
Vehicle Sales in China
(No. of vehicles in million)
14%
* The tax rate, increased to 7.5% in 2017, will return to the statutory rate, i.e. 10%, starting from 2018 Source: China Association of Automobile Manufacturers (中國汽車工業協會)
7%
Calendar Year
5% 14%
28
Benefit from purchase tax* cut from 10% to 5% for small-engine passenger cars during 1 Oct 2015 to end-2016 受惠於小排量汽車購置稅稅率由10%下調至5%的政策 (由2015年10月1日至2016年底生效)
B. 43
China – World’s Largest Vehicle Sales Market in 2016 中國在2016年是世界最大汽車銷售市場
China has been the world’s largest vehicle sales market since 2009 自2009年起,中國已是世界最大的汽車銷售市場
* Include passenger and commercial vehicles, but exclude motorcycles Source: China Association of Automobile Manufacturers (中國汽車工業協會), International Organisation of Motor Vehicle Manufacturers (OICA) www.oica.net, Bureau of Economic Analysis (U.S. Department of Commerce) wwww.bea.gov
28
18
25
17
5.0 3.5 3.4 3.1 2.6 2.3 1.9 1.8 1.6 0
5
10
15
20
25
30
China U.S.A. China U.S.A. Japan Germany India U.K. Brazil France Canada SouthKorea
China
1st 2nd 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
2016 2015 1994
Motor Vehicle* Sales (Top 10 Countries) (No. of vehicles in million)
14% yoy
China China
1st Ranking:
China
1st
B. 44
∼ End ∼