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modern terminals
Modern Terminals is developing
new container terminals in Pearl
River Delta and Yangtze River Delta,
as well as targeting other new
projects along the China Coast.
It is expected that by 2011, half of
its throughput will be
handled at existing investments
in the Mainland.
00 The Wharf (Holdings) Limited Annual Report 2007
Annual Report 2007 The Wharf (Holdings) Limited 0
0 The Wharf (Holdings) Limited Annual Report 2007
Balance sheet (extract)
As at 31 December 2007
HK$ Million
Fixed assets 11,480
Interest in associates / jointly controlled entities 4,310
Goodwill 297
Net current liabilities (760 )
Other non-current liabilities (265 )
Net business assets (before debt)* 15,062
* Modern Terminals has net debt of HK$9,602 million, which is non-recourse to the Company and other subsidiaries of the Group.
Underpinned by buoyant export stake (to be eventually diluted to • Modern Terminals focused on
from South China, container 20% with the completion of the China and already had a
throughput in the Pearl River remainder of the entire facilities), foothold in the two largest
Delta region grew by 14% during handled 3.31 million TEUs. manufacturing regions (Pearl
,
2007 with Shenzhen terminals River Delta and Yangtze River
registering a growth rate of 19% Consolidated revenue and Delta) through investments in
and Hong Kong terminals 8%. operating profit rose by 4% and Chiwan Container Terminal
Shenzhen’s market share rose 5% to HK$3,213 million and and Shekou Container
slightly from 52% (for 2006) to HK$1,829 million respectively. Terminals (both in Shenzhen),
55%, while Hong Kong’s dropped and new terminal projects in
from 48% to 45%. With substantial consolidation in Taicang (Suzhou) and Dachan
the container port industry in Bay (Shenzhen).
For Modern Terminals, throughput 2006, and having achieved the
in Hong Kong grew by 6% to 5.72 previous set of company growth • Regional players were able to
,
million TEUs during 2007 on the targets, Modern Terminals realise similar economic
back of an increase in Intra-Asia reviewed its position within the advantages to the newly
services, to maintain a market new industry structure. This consolidated global players
share of 33.2% in Kwai Tsing. In review confirmed Modern and there were no scale
Shenzhen, Chiwan Container Terminals’ strong positioning due disadvantages to strong
Terminal, in which Modern to a number of key factors: regional players such as
Terminals holds an 8% Modern Terminals.
attributable stake, handled 4.0 • Greater China remained the
million TEUs and Shekou trade growth engine for the
Container Terminals, in which world.
Modern Terminals holds a 30%
Left: Modern Terminals’ Hong
Kong throughput grew to 5.72
million TEUs in 2007
Right: Modern Terminals’ market
share in Kwai Tsing stands at
33.2%
moDeRn teRmInAls Annual Report 2007 The Wharf (Holdings) Limited 0
throughput (hK) market share (hK)
(Million TEUs) (%)
6.0 40
.7
5.5
35
5.0 .
4.5
30
4.0
3.5
25
3.0
2.5 20
03 04 05 06 07 03 04 05 06 07
Confidence in Modern Terminals’ Dachan Bay and Taicang, it has ,
million TEUs in 2007 which was
position resulted in a raising of secured significant terminal 77% higher than a year earlier.
long-term growth targets and the developments in the Mainland,
establishment of a new vision, ensuring continued strong The most recent new port
Vision 2015, to build the growth. Its throughput and project, Da Chan Bay Terminal
company for tomorrow. Vision company value are doubled in One in Shenzhen (65%-owned),
2015 states that: comparison to 2005. was launched in December 2007
with two berths. Construction of
Modern Terminals provides the • By 2015, Modern Terminals the remaining three berths is on
physical gateway for the container would have expanded its schedule for commissioning in
and cargo flows that drive the presence in the Pearl and 2008.
development of China’s economy Yangtze River Deltas and has
and the prosperity and well-being significant operations in the By 2011, Modern Terminals
of its people. key growth regions of China, expects half of its container
including the Bohai Gulf. Its throughput to be handled at
Modern Terminals is relentlessly throughput and company existing investments in the
driven by its uncompromising value are doubled in Mainland. In the last 18 months,
standards and recognised for our comparison to 2010. the pipeline of development
world-class people, container projects has been substantially
terminals and services. The Modern Terminals first acquired a strengthened. Strategic
company is cherished by 51% stake in Taicang Port (Phase framework agreements have
customers and stakeholders as 1) in 2004 and has since invested been signed with Dalian Port
their preferred partner. in a 70% stake in Taicang (PDA) Co., Ltd. and the Dalian
International Gateway and Municipal Government (Liaoning)
Modern Terminals’ vision matches expanded the port from two to and Zhoushan Port Authority
the growing needs of China’s six container berths with a (Zhejiang). These agreements,
trade with the following targets: capacity of 3.5 million TEUs. along with further expansion at
Throughput has grown at a the existing terminals in Taicang
• By 2010, building on Modern compound annual growth rate of and Dachan Bay, ensure that
Terminals’ successful over 75% since the original Modern Terminals can continue to
operations in Hong Kong, investment, rising to about one expand and deliver its Vision 2015.
0 The Wharf (Holdings) Limited Annual Report 2007 moDeRn teRmInAls
