Page 6 - Sphere No.11 (Apr 2004)
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S
PHERE
4
H U T C H I S O N U P D A T E S
News
bites
HEI inThai Power Play
Eight in a Row for CKI
Hongkong Electric International Ltd
(HEI) on Feb. 27 finalised shareholding
arrangements for a 1,400-megawatt gas-fired
power plant project which will be one of
the largest base-load low-cost generators in
Thailand, producing 6% of the country’s
projected installed capacity.
HEI is the largest foreign shareholder with
a 25% stake in the HK$6.87 billion project.
Other foreign investors are
Chubu
Electric
and
Toyota Tsusho
with 15% and
10% respectively.
The largest local shareholder, with a 25%
interest, is
Ratchaburi Electricity
Generating Holding Co Ltd
. Petroleum
and gas supplier
PTT Plc
has a 15% share
and the
Saha Union Group
holds 10%.
The plant in Ratchaburi Province will
come into operation in 2008 and will sell
100% of its output to the
Electricity
Generating Authority of Thailand
.
E N E R G Y & I N F R A S T R U C T U R E
SHIPSHAPE:The
Sea Rose
, Husky Energy’s Floating
Production, Storage and Offloading (FPSO) vessel,
was officially named at a ceremony at the
Samsung Heavy Industries shipyard in Busan,
South Korea on Jan. 9, 2004.
The Sea Rose
will
produce oil from theWhite Rose oil field off
the coast of Newfoundland and Labrador,
starting in 2005/06.
Hongkong Electric Results
E - C O M M E R C E
Taking advantage of the market opportunity
in China, the
TOM Group
in March staged
a successful IPO for a new entity called
TOM Online
, raising net proceeds of
approximately US$170 million.
The company was listed on the
Nasdaq
in the form of American Depository Shares
(ADS) on March 10 and on the
Growth
Enterprise Market
(GEM) in Hong Kong
the following day.
The debut of TOM Online marks a spinoff
fromTOM Group in a deal worth
approximately 25% of the enlarged issued
capital of the company.
Pricing came in at HK$1.50 per share after
retail books closed 96 times and institutional
books almost 50 times oversubscribed.
Based in Beijing,TOM Online is a leading
Internet company providing wireless value-
added services, online advertising and
commercial enterprise solutions to the China
market. Proceeds of the listing will be used
to expand services, boost R&D and fund
potential acquisitions and alliances.
The
TOM Group
in 2003 recorded its first
full year of profitability with profit attributable
to shareholders of HK$12.6 million
(approximately US$1.6 million), against a loss
of HK$409.579 million the year before.
EBITDA was HK$262.887 million compared
with HK$52.463 million in 2002. Operating
profit was HK$92.349 million against a loss of
HK$106.192 million.
Total revenue increased 29% to HK$2,089
million with Internet operations accounting
for 28% of turnover, up from 16% in 2002.
The Taiwan-based publishing operation
contributed 37% of total turnover, down from
46%, and outdoor advertising contributed 14%
compared with 15% in 2002.
TOM Posts First Profit
Online Arm Listed
In a challenging year in which the SARS virus
had a negative impact on the local economy,
Hongkong Electric Holdings Ltd
. reported
audited consolidated net profit after tax of
HK$6,057 million (approximately US$776.5
million) in 2003 compared with HK$6,624
million the year before.This included profits
from overseas activities of HK$437 million
compared with HK$335 million previously.
Turnover was HK$11,250 million, compared
with HK$11,605
million in 2002,
earnings per share were
HK$2.84 compared
with HK$3.10, and the
recommended total
dividend was HK$1.71,
unchanged from the year before.
For full results see:
financial/results03/contnts.htm
Husky Energy
is to construct a major
ethanol facility adjacent to its Heavy Oil
Upgrader at Lloydminster, Saskatchewan.
The new plant will be the largest in
western Canada and have an annual
production capacity of 130 million litres.
It will cost between C$90-C$95 million
(approximately US$70-73 million) to build
and is scheduled to be operational by the
end of 2005.
Cheung Kong Infrastructure Holdings
Ltd.
achieved its eighth consecutive year of
growth in 2003. Profit before tax was
HK$4,185 million (approximately US$536.5
million), an increase of 8% over 2002. Profit
after tax attributable to shareholders was
HK$3,349 million, an increase of 1% from
the previous year.Turnover, including that of
the proportionate share of jointly controlled
entities, was HK$3,454 million compared
with HK$3,595 million (restated) in 2002.
Earnings per share were HK$1.49 and the
total dividend was HK$0.715 per share, a 5%
increase from HK$0.68 per share in 2002.
For full results see:
/english/hongKong/home/
Fuel from Corn
Husky Energy Inc.
reported another
record performance in 2003
with net earnings of C$1.32 billion
(approximately US$995 million) or C$3.22
per share (diluted), an increase of 64%
compared with C$804 million or C$1.88
per share (diluted) in 2002.Turnover
increased 20% to C$7,658 million.
During the year, Husky paid a special
dividend of C$1.00.The declared dividend
was C$0.10 compared with C$0.09
in 2002.
Net earnings included a net gain of C$190
million on US-denominated debt
translation and a positive adjustment of
C$161 million related to tax rate changes.
For full results see:
/
investors/
Husky Outperforms
