Hutchison Telecom (NYSE:HTX)
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Hutchison Telecom Announces Results for Financial Year Ended 2004
And Q4 KPIs
Key highlights
* 2004 turnover was up 48.1% to HK$15.0 billion
* Turnover increases in all markets, with particularly strong growth in
India
* Mobile customer base grew to 12.6 million, a 47.3% increase from the
start of 2004
* Mobile customer base increased 8.3% during the fourth quarter
* ARPUs were relatively stable across all markets, despite strong
competition
Financial highlights
2004 2003
HK$'million HK$'million Change
Turnover 14,960 10,104 48.1 %
Operating Profit 1,859 869 113.9 %
Operating Profit excluding 559 869
one-time gain (35.7%)
Profit (loss) attributable to
shareholders 72 (214) --
Earnings per share HK$0.02 HK$(0.05) --
HONG KONG, March 7 /Xinhua-PRNewswire-FirstCall/ -- Hutchison
Telecommunications International Limited ('Hutchison Telecom' or the
'Company'; SEHK: 2332; NYSE: HTX) today announced a robust 48.1% increase in
Group turnover, with all operating companies performing well in highly
competitive markets. This reflects strong growth in the Company's customer
base across all its markets, where the overall number of customers grew 47.3%
to 12.6 million as at 31 December 2004.
Each of the Group's operating companies reported increased turnover in 2004,
with particularly strong growth in India, which contributed 47.4% of Group
turnover, whilst Hong Kong represented 42.9% (mobile 24.8% and fixed 18.1%) and
Thailand 8.1%.
The Group's operating profit, including share of net profits of associated
companies, also increased to HK$1,859 million, supported by strong operating
results especially from India and Israel. Excluding a one-time gain of
HK$1,300 million realised on the disposal of shares, the underlying operating
profit was HK$559 million.
Whilst its turnover and customer base grew, the Group also introduced
initiatives to lower its cost base so as to further enhance financial
performance and organizational efficiency.
Commenting on the results, Dennis Lui, Chief Executive Officer of Hutchison
Telecom, said: 'We are delighted to announce strong growth in earnings and
customers in our first full-year results announcement as a public company.
These results reflect our ability to build businesses and maintain leadership
positions in very competitive markets and to create value for shareholders.
'In many of the countries in which we operate we recorded rapid increases in
the number of customers, underscoring the huge potential of these markets. The
recent licence award in Vietnam offers exciting prospects that we expect will
provide a platform to further drive our growth.'
Tim Pennington, Chief Financial Officer of Hutchison Telecom, said: 'We
continue to see strong momentum in customer base growth and ARPUs were
relatively stable in most of our markets despite intense competition. Since
the IPO we have introduced a number of cost saving initiatives, and we are
continually reviewing opportunities for synergies to further strengthen the
Group's competitive position.'
The Company did not declare any dividends for the year ended 31 December 2004.
Key markets review
India
-- Customer base increased 74.7% from 2003 to 7.2 million
-- Turnover increased 57.7% to HK$7,093 million
-- EBITDA increased 42.7% to HK$2,201 million
Growth in the India business continued to be strong, reflecting the growth of
the overall market and the Group's position within the market. In Q4 2004, the
customer base increased 12.7% and despite strong competition, average revenue
per user ('ARPU') remained constant at INR589 on the previous quarter.
The Company also announced today that the preliminary agreement to acquire
Aircel was mutually terminated.
Hong Kong and Macau
Hong Kong and Macau Mobile
-- Customer base increased 12.2% from 2003 to 2.2 million
-- Turnover increased 6.6% to HK$3,714 million
-- EBITDA of HK$316 million
Hutchison Telecom continued to be the largest operator in Hong Kong in terms of
the number of mobile customers and maintained its technology leadership
position through the introduction of 3G services in early 2004. As at 31
December 2004, the Group had over 1,350 3G cell sites, giving it 99% population
coverage, which is more than any other 3G network in Hong Kong.
Despite intense competition and general downward trend in the market, the Group
was able to increase turnover for the first time in three years, driven by 3G
revenues.
Hong Kong Fixed Line
-- Turnover increased 65.9% to HK$2,701 million
-- EBITDA increased approximately 5.5% to HK$704 million
The Group, through Hutchison Global Communications Limited ('HGC'), operates
a state-of-the-art fibre-network reaching over 1.2 million households and over
5,000 buildings. It also operates the largest fibre optic pipe to Mainland
China. In terms of growth in revenues and profits, HGC's performance has been
one of the most impressive amongst its peers. Please refer to the announcement
issued today by Hutchison Global Communications Holdings Limited on its
consolidated results for the financial year ended 31 December 2004.
Thailand
-- Customer base increased to 615,000
-- Turnover increased to HK$1,219 million
-- EBITDA loss reduced to HK$280 million as customer base continued to
grow
The Group is the only operator in Thailand operating on a high speed CDMA2000
network. It increased its market share by differentiating its services by
offering its customers a high-speed multimedia service in 25 provinces that is
not available anywhere else in Thailand.
Israel
-- Customer base increased 11.3% from 2003 to 2.3 million
-- Contribution to operating profit up 26.9% to HK$755 million
Partner Communications Company Ltd. ('Partner'), a listed associate company
of the Group, demonstrated its ability to continue grow its business in a
highly competitive market. In December 2004, Partner became the second company
within the Group to launch 3G services.
If the announced buyback of Partner shares is completed, Hutchison Telecom's
interest in Partner will increase to more than 50%.
Appointment of new director
The Company is delighted to announce today the appointment of Cliff Chiu Man
Woo, its Chief Technology Officer, to its board of directors.
Outlook
The Group remains very positive about its performance going forward and expects
double-digit Group turnover growth to continue. It anticipates double-digit
mobile customer growth and to see all of its businesses make net customer
additions. As in 2004, the Group expects India to be a key area of customer
growth.
With a focus on driving rapid growth in the customer base, total capital
expenditure in 2005 is expected to be around the same as in 2004. Approximately
60% of total capital expenditure is expected to go to continued investment in
India, to build out new areas and increase capacity. About 25% of total
capital expenditure is expected to be invested in Hong Kong, with the majority
of the balance across Vietnam, Thailand and other operations.
Note to Editors:
Hutchison Telecommunications International Limited ('Hutchison Telecom') is a
leading global provider of telecommunications services. The Company's business
is currently in nine markets around the world.
Hutchison Telecom currently operates mobile and fixed telecom services in Hong
Kong and mobile services also in Macau, India, Israel, Thailand, Paraguay, Sri
Lanka and Ghana. It expects to launch mobile services in Vietnam later this
year. Hutchison Telecom was the first provider of 3G mobile services in Hong
Kong, where it also provides broadband fixed-line services. Hutchison Telecom
operates common brands across its business including 'Hutch,' '3' and
'Orange.' Hutchison Telecom is a listed company whose American depositary
shares are quoted on the New York Stock Exchange under the symbol 'HTX' and
shares are listed on the Hong Kong Stock Exchange under the stock code
'2332.'
A subsidiary of the Hong Kong-based Hutchison Whampoa Group, Hutchison Telecom
is dedicated to providing superior telecommunications services in markets with
high growth potential. For more information, please visit http://www.htil.com/
.
Forward-looking statements
This release contains forward-looking statements. Statements that are not
historical facts, including statements about Hutchison Telecom's beliefs and
expectations, are forward-looking statements. These statements are based on
current plans, estimates and projections, and therefore you should not place
undue reliance on them. Forward-looking statements speak only as of the date
they are made, and Hutchison Telecom undertakes no obligation to update
publicly any of them in light of new information or future events. Forward-
looking statements involve inherent risks uncertainties and assumptions.
Hutchison Telecom cautions you that if these risks or uncertainties ever
materialise or the assumptions prove incorrect, or if a number of important
factors occur or do not occur, the company's actual results may differ
materially from those expressed or implied in any forward-looking statement.
Additional information as to factors that may cause actual results to differ
materially from Hutchison Telecom's forward-looking statements can be found in
Hutchison Telecom's filings with the United States Securities and Exchange
Commission.
Caution statement
The board of directors of HTIL wishes to remind investors that the following
key performance indicators are based on the Group's unaudited internal records.
Investors are cautioned not to unduly rely on such data. While non GAAP
(generally accepted accounting principles) measures such as EBITDA (earnings
before interest, taxation, depreciation and amortisation) and LBITDA (losses
before interest, taxation, depreciation and amortisation) are often used by
companies as an indicator of operating performance, they are not expressly
permitted measures under GAAP in Hong Kong and may not be comparable to
similarly titled measures for other companies. Accordingly, such non-GAAP
measures should not be considered as an alternative to operating income as an
indicator of the operating performance of the Group or as an alternative to
cash flows from operating activities as a measure of liquidity. The use of
non-GAAP measures is provided solely to enhance the overall understanding of
the Group's current financial performance. Additionally because the Group has
historically reported certain non GAAP results to investors, the Group
considers the inclusion of non GAAP measures provides consistency in our
financial reporting. Quarterly KPI Results
1. Customer base
Customer base Q3 2004
Q4 2004 30 September
31 December 2004 2004
Total Postpaid Prepaid Total Postpaid
Country ('000) ('000) ('000) ('000) ('000)
Hong Kong (incl Macau) 2,195 1,270 925 2,176 1,248
India 7,159 2,135 5,024 6,351 1,797
Israel 2,340 1,640 700 2,269 1,576
Thailand 615 362 253 585 407
Others 244 205
GROUP MOBILE TOTAL 12,553 11,586
Notes:
(1) A customer is defined as a Postpaid Customer or a Prepaid Customer
who has a SIM or USIM that has access to the network for any
purpose, including voice, data or video services.
(2) Post customers are defined as those whose mobile telecommunications
service usage is paid for in arrears upon receipt of the mobile
telecommunications operator's invoice and who have not been
temporarily or permanently suspended from service.
(3) Prepaid customers are defined as prepaid SIM cards that have not
been used up or expired at period end.
(4) All numbers quoted on the basis of the total customer base of the
operation irrespective of the Company's ownership percentage.
(5) All numbers quoted as at last day of the quarter.
(6) Others currently comprise Ghana, Paraguay and Sri Lanka.
(7) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
Customer Base Q3 2004
30 September Q2 2004
2004 30 June 2004
Prepaid Total Postpaid Prepaid
Country ('000) ('000) ('000) ('000)
Hong Kong (incl Macau) 928 2,113 1,233 880
India 4,554 5,751 1,479 4,272
Israel 693 2,202 1,524 678
Thailand 178 530 429 101
Others 163
GROUP MOBILE TOTAL 10,759
Notes:
(1) A customer is defined as a Postpaid Customer or a Prepaid Customer
who has a SIM or USIM that has access to the network for any
purpose, including voice, data or video services.
(2) Post customers are defined as those whose mobile telecommunications
service usage is paid for in arrears upon receipt of the mobile
telecommunications operator's invoice and who have not been
temporarily or permanently suspended from service.
(3) Prepaid customers are defined as prepaid SIM cards that have not
been used up or expired at period end.
(4) All numbers quoted on the basis of the total customer base of the
operation irrespective of the Company's ownership percentage.
(5) All numbers quoted as at last day of the quarter.
(6) Others currently comprise Ghana, Paraguay and Sri Lanka.
(7) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
Customer Base Q1 2004 Q4 2003
31 March 2004 31 December 2003
Postpaid Postpaid
Total Prepaid Total Prepaid
Country ('000) ('000) ('000) ('000) ('000) ('000)
Hong Kong (incl Macau) 2,040 1,210 830 1,957 1,164 793
India 5,129 1,182 3,947 4,099 906 3,193
Israel 2,165 1,501 664 2,103 1,463 640
Thailand 379 379 -- 224 224 --
Others 150 140
GROUP MOBILE TOTAL 9,863 8,523
Notes:
(1) A customer is defined as a Postpaid Customer or a Prepaid Customer
who has a SIM or USIM that has access to the network for any
purpose, including voice, data or video services.
(2) Post customers are defined as those whose mobile telecommunications
service usage is paid for in arrears upon receipt of the mobile
telecommunications operator's invoice and who have not been
temporarily or permanently suspended from service.
(3) Prepaid customers are defined as prepaid SIM cards that have not
been used up or expired at period end.
(4) All numbers quoted on the basis of the total customer base of the
operation irrespective of the Company's ownership percentage.
(5) All numbers quoted as at last day of the quarter.
(6) Others currently comprise Ghana, Paraguay and Sri Lanka.
(7) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
2. ARPU (per user per month)
ARPU(1)
Q3 2004
Q4 2004 30 September
31 December 2004 2004
Blended Postpaid Prepaid Blended Postpaid
Country Currency
Hong Kong
(incl Macau) HKD 156 210 40 151 205
India INR 589 1,247 318 583 1,293
Israel NIS 167 176
Thailand THB 876 1,187 313 927 1,116
Others USD 10.68 12.39
Notes:
(1) ARPU is calculated as the total service revenues during the period
divided by the weighted average number of activated customers in
the period.
(2) The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers
whereas the Prospectus used simple average; and (ii) Period - the
quarterly KPIs use three month average data whereas the Prospectus
used 12 or 6 month average data.
(3) Service revenues are defined as the direct recurring service
revenues plus roaming revenues.
(4) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004,
30 September 2004 and 31 December 2004 relates to both 2G and 3G
services.
(5) Others currently comprise Ghana, Paraguay and Sri Lanka.
ARPU(1) Q3 2004
30 September Q2 2004
2004 30 June 2004
Prepaid Blended Postpaid Prepaid
Country Currency
Hong Kong
(incl Macau) HKD 36 152 207 36
India INR 318 591 1,408 328
Israel NIS 171
Thailand THB 334 1,137 1,246 331
Others USD 13.47
Notes:
(1) ARPU is calculated as the total service revenues during the period
divided by the weighted average number of activated customers in
the period.
(2) The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers
whereas the Prospectus used simple average; and (ii) Period - the
quarterly KPIs use three month average data whereas the Prospectus
used 12 or 6 month average data.
(3) Service revenues are defined as the direct recurring service
revenues plus roaming revenues.
(4) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004,
30 September 2004 and 31 December 2004 relates to both 2G and 3G
services.
(5) Others currently comprise Ghana, Paraguay and Sri Lanka.
ARPU(1) Q1 2004 Q4 2003
31 March 2004 31 December 2003
Post- Pre-
Blended Postpaid Prepaid Blended paid paid
Country Currency
Hong Kong
(incl Macau) HKD 146 201 33 160 212 39
India INR 592 1,467 339 707 1,861 386
Israel NIS 168 170
Thailand THB 1,711 1,711 -- 1,370 1,370 --
Others USD 13.97 14.84
Notes:
(1) ARPU is calculated as the total service revenues during the period
divided by the weighted average number of activated customers in
the period.
(2) The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers
whereas the Prospectus used simple average; and (ii) Period - the
quarterly KPIs use three month average data whereas the Prospectus
used 12 or 6 month average data.
(3) Service revenues are defined as the direct recurring service
revenues plus roaming revenues.
(4) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004,
30 September 2004 and 31 December 2004 relates to both 2G and 3G
services.
(5) Others currently comprise Ghana, Paraguay and Sri Lanka.
3. Minutes of use
MOU(1)
Q3 2004
Q4 2004 30 September
31 December 2004 2004
Blended Postpaid Prepaid Blended Postpaid
Country
Hong Kong (incl Macau) 407 573 50 396 558
India 337 625 219 334 662
Israel 288 291
Thailand 422 524 238 441 513
Others 179 184
Notes:
(1)Minutes of Use - are the total minutes carried over the network (2G
total airtime usage + 3G voice and video usage, including both
inbound and outbound roaming during the period) divided by the
weighted average number of postpaid/prepaid activated customers for
the period.
(2)The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers whereas the Prospectus used simple
average; and (ii) Period - the quarterly KPIs use three month
average data whereas the Prospectus used 12 or 6 month average data.
(3)The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
(4)Others currently comprise Ghana, Paraguay and Sri Lanka.
MOU(1) Q3 2004
30 September Q2 2004
2004 30 June 2004
Prepaid Blended Postpaid Prepaid
Country
Hong Kong (incl Macau) 51 377 535 46
India 211 343 731 218
Israel 283
Thailand 278 593 658 318
Others 178
Notes:
(1)Minutes of Use - are the total minutes carried over the network (2G
total airtime usage + 3G voice and video usage, including both
inbound and outbound roaming during the period) divided by the
weighted average number of postpaid/prepaid activated customers for
the period.
(2)The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers whereas the Prospectus used simple
average; and (ii) Period - the quarterly KPIs use three month
average data whereas the Prospectus used 12 or 6 month average data.
(3)The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
(4)Others currently comprise Ghana, Paraguay and Sri Lanka.
MOU(1) Q1 2004 Q4 2003
31 March 2004 31 December 2003
Blended Post- Pre- Blended Post- Pre-
paid paid paid paid
Country
Hong Kong (incl Macau) 368 523 43 383 528 45
India 348 775 224 333 732 221
Israel 280 276
Thailand 583 583 -- 727 727 --
Others 175 173
Notes:
(1)Minutes of Use - are the total minutes carried over the network (2G
total airtime usage + 3G voice and video usage, including both
inbound and outbound roaming during the period) divided by the
weighted average number of postpaid/prepaid activated customers for
the period.
(2)The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers whereas the Prospectus used simple
average; and (ii) Period - the quarterly KPIs use three month
average data whereas the Prospectus used 12 or 6 month average data.
(3)The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
(4)Others currently comprise Ghana, Paraguay and Sri Lanka.
4. Churn (% per month)
Churn(1)
Q4 2004 Q3 2004
31 December 2004 30 September 2004
Blended Post- Pre- Blended Post- Pre-
paid paid paid paid
Country
Hong Kong (incl Macau) 4.5% 2.5% 7.3% 4.6% 2.8% 7.2%
India 8.1% 5.8% 9.1% 8.0% 5.5% 9.0%
Israel 1.0% 0.9%
Thailand 7.4% 6.7% 9.0% n.m. n.m. 7.8%
Others 4.2% 2.4%
Notes:
(1) Churn % represents the average of the churn rates for each month
in the period, which are calculated by dividing the number of
disconnections (net of reconnection and internal migration between
networks) for the relevant period by the subscriber numbers at the
beginning of such period.
(2) The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers whereas the Prospectus used simple
average; and (ii) Period - the quarterly KPIs use three month
average data whereas the Prospectus used 12 or 6 month average
data.
(3) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
(4) Others currently comprise Ghana, Paraguay and Sri Lanka.
(5) n.m. indicates not meaningful.
Churn(1) Q2 2004
30 June 2004
Blended Postpaid Prepaid
Country
Hong Kong (incl Macau) 4.8% 2.7% 7.9%
India 7.8% 5.5% 8.6%
Israel 1.1%
Thailand 2.1% 1.8% 3.5%
Others 3.3%
Notes:
(1) Churn % represents the average of the churn rates for each month
in the period, which are calculated by dividing the number of
disconnections (net of reconnection and internal migration between
networks) for the relevant period by the subscriber numbers at the
beginning of such period.
(2) The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers whereas the Prospectus used simple
average; and (ii) Period - the quarterly KPIs use three month
average data whereas the Prospectus used 12 or 6 month average
data.
(3) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
(4) Others currently comprise Ghana, Paraguay and Sri Lanka.
(5) n.m. indicates not meaningful.
Churn(1) Q1 2004 Q4 2003
31 March 2004 31 December 2003
Blended Post- Pre- Blended Post- Pre-
paid paid paid paid
Country
Hong Kong (incl
Macau) 4.3% 2.3% 7.1% 3.4% 2.2% 5.2%
India 6.4% 4.8% 6.9% 6.6% 5.3% 7.0%
Israel 1.1% 1.1%
Thailand 0.5% 0.5% -- 10.0% 10.0% --
Others 2.2% 2.2%
Notes:
(1) Churn % represents the average of the churn rates for each month
in the period, which are calculated by dividing the number of
disconnections (net of reconnection and internal migration between
networks) for the relevant period by the subscriber numbers at the
beginning of such period.
(2) The basis for the calculation has been changed from the Prospectus
in two material respects - (i) Customers - the quarterly KPIs use
weighted average subscribers whereas the Prospectus used simple
average; and (ii) Period - the quarterly KPIs use three month
average data whereas the Prospectus used 12 or 6 month average
data.
(3) The data for Hong Kong for the period ended 31 December 2003
relates only to 2G services and that for the periods ended 31 March
2004, 30 June 2004, 30 September 2004 and 31 December 2004 relates
to both 2G and 3G services.
(4) Others currently comprise Ghana, Paraguay and Sri Lanka.
(5) n.m. indicates not meaningful.
Consolidated Income Statement
Note 2003 2004 2004
HK$ millions HK$ millions US$ millions
Company and
subsidiary companies
Turnover 3,4 10,104 14,960 1,918
Cost of inventories
sold 547 1,400 180
Staff costs 1,081 1,597 205
Depreciation and
amortisation 4 2,262 3,059 392
Other operating
expenses 5,936 9,098 1,166
Profit on partial
disposal of a
subsidiary company 5 -- 1,300 167
Operating profit of
company and subsidiary
companies 4 278 1,106 142
Share of profits
less losses
of associated
companies 591 753 96
Operating profit 869 1,859 238
Interest and other
finance costs,
including share
of associated
companies, net 970 1,054 135
(Loss) profit
before taxation (101) 805 103
Current taxation
charge 6 22 105 13
Deferred taxation
(credit) charge 6 (195) 384 49
Profit after
taxation 72 316 41
Minority interests 286 244 32
Net (loss) profit
attributable to
shareholders (214) 72 9
Dividends 7 -- --
(Loss) earnings per
share 8 (HK$0.05) HK$0.02 HK$0.02
For the notes to the income statement, please refer to the announcement dated 7
March 2005 issued by Hutchison Telecommunications International Limited and
available on http://www.htil.com/ .
Consolidated Balance Sheet
2003 2004 2004
Note HK$ HK$ US$
Millions millions millions
ASSETS AND LIABILITIES
Non-current assets
Fixed assets 17,697 20,228 2,593
Other non-current assets 4,075 4,339 557
Goodwill 6,168 6,139 787
Deferred tax assets 910 844 108
Associated companies 1,581 1,846 237
Amounts due from related companies 543 -- --
Long term deposits 93 79 10
Total non-current assets 31,067 33,475 4,292
Cash and cash equivalents 9 1,993 2,102 270
Restricted cash 9 6 10 1
Other current assets 9 3,177 4,211 540
Bank loans 3,723 12,281 1,574
Other loans 1,556 1,316 169
Debentures 204 247 32
Other current liabilities 10 5,943 6,745 865
Net current liabilities (6,250) (14,266) (1,829
Total assets less current
liabilities 24,817 19,209 2,463
Non-current liabilities
Long term loans 7,485 3,582 459
Amounts due to related companies 22,903 -- --
Deferred tax liabilities 46 148 19
Other long-term liabilities 15 124 16
Total non-current liabilities 30,449 3,854 494
Minority interests 743 1,068 137
Net (liabilities) assets (6,375) 14,287 1,832
CAPITAL AND RESERVES
Share capital -- 1,125 144
Reserves (6,375) 13,162 1,688
Shareholders' (deficits) funds (6,375) 14,287 1,832
For the notes to the balance sheet, please refer to the announcement dated 7
March 2005 issued by Hutchison Telecommunications International Limited and
available on http://www.htil.com/ .
For further information, please contact:
Citigate Dewe Rogerson
Jeanette Ng
Tel: +852-2533-4641
Mobile: +852-9885-1225
Email:
Sylvia Leung
Tel: +852-2533-4619
Mobile: +852-9033-5971
Email:
DATASOURCE: Hutchison Telecommunications International Limited
CONTACT: Jeanette Ng, +852-2533-4641, or mobile, +852-9885-1225, or
, or Sylvia Leung, +852-2533-4619, or mobile,
+852-9033-5971, or , both of Citigate Dewe
Rogerson, for Hutchison Telecommunications
Web Site: http://www.htil.com/