PDF《Contents》

概要 主席报告 财政回顾及分析 人力资源 公司管治 财务报表 未经审核综合损益账 综合资产负债表 未经审核综合现金流量表 未经审核综合已确认损益报表 账目附注 核数师的独立审阅报告 股息及暂停股份过户登记 董事之证券权益 主要股东 股本 词汇 公司资料 目录 Contents Highlights Chairman'

s Business Review Financial Review and Analysis Human Resources Corporate Governance Financial Statements Consolidated Profit and Loss Account C Unaudited Consolidated Balance Sheet Consolidated Cash Flow Statement C Unaudited Consolidated Statement of Recognised Gains and Losses C Unaudited Notes to the Accounts Auditors'

Independent Review Report Dividend and Closure of Register Directors'

Interests in Securities Substantial Shareholders Share Capital Glossary Corporate Information

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44 1 CITIC Pacific is focused on providing basic infrastructure through tunnels, bridges, power stations, airlines and increasingly communications.

These businesses contributed about 73% to first half

2001 profits. Our operations are substantially all based in Hong Kong and Mainland China. CITIC Pacific is incorporated, headquartered and its shares are listed in Hong Kong. Our largest (29%) shareholder is CITIC, established in Beijing. In the first half of

2001 the highlights of our performance were: Highlights 中信泰富透过隧道 、 桥梁 、 发电厂 、 航空及比重日 渐提高的信息业 , 专注於提供基本建设 . 此等业务 提供於二零零一年上半年之溢利约73%.本公司之 业务大部份在香港及中国大陆 . 中信泰富在香港注册成立 , 总部设於香港 , 其股份 亦在香港上市 . 本公司之最大股东 (占29%) 为在 北京成立之中信 . 以下为本公司於二零零一年上半年之业绩概要 : 概要

2001 2000 Six months to

30 June Change变动 in HK$ million 截至六月三十日止六个月 以港币百万元计算 Profit Attributable to Shareholders 1,500 1,399 7% 股东应占溢利 EBITDA 2,458 2,447 0% 不包括利息支出 、 税项 、 折旧及摊销之总盈利 Per Share (HK$) 每股 (港币元) Earnings 0.683 0.637 7% 盈利 Interim Dividend 0.20 0.20 0% 中期股息

30 June

31 December in HK$ million 六月三十日 十二月三十一日 以港币百万元计算 Shareholders'

Funds 41,595 41,304 1% 股东资金 Net Debt1 11,457 10,508 9% 净负债1 Net Debt to Total Capital %2 21% 19% 净负债占资本总额%2

1 Net debt is total debt (short and long term loans, notes and bonds) less bank deposits.

2 Total Capital is Shareholders'

equity (Shareholders'

funds + unimpaired goodwill written off to reserves) plus net debt.

1 净负债为负债总额 (短期及长期贷款 、 票罢) 减银行 存款 .

2 资本总额为股东权益 (股东资金 + 储备中没有减值之商 誉撇销) 加净负债 .

2 Chairman'

s Business Review 主席报告 n the six months ended

30 June 2001, CITIC Pacific achieved a net profit attributable to shareholders of HK$1,500 million, representing a 7% increase over the same period last year. The Directors have declared an interim dividend of HK$0.20, the same as in 2000. Business Review Communications CITIC Pacific'

s long-term strategy for its communication business is to utilize the vast Mainland market as our base, and Hong Kong as the converging point for Asia, to develop a telecommunication network which will eventually reach and serve the whole world. In the Mainland, the construction of the China Express No.1 Backbone Network continues to progress and to date, over 23,000 route kms of fibre optical cable containing about 110,000 kms fibre has been laid. In anticipation of future operational needs, it has been agreed that the fibre kms will be increased from 154,864 kms to 224,144 kms within the original cost. Equipment installation has been completed at more than

100 exchange points connecting most of the metropolitan areas from the north to south and the major coastal cities in China. The Western part of the country with cities of Chengdu, Chongqing and Xian as the centres will be the focus of the project in the immediate future. As announced when CITIC Pacific acquired the China Express No.1 project, the operation and management of the project will be handled through CITIC Beijing. Negotiation regarding cooperation between CITIC Beijing and relevant parties is making good progress. 中信泰富於截至二零零一年六月三十日止六个月 之股东应占净溢利为港币十五亿元 , 较去年同期 增长7%. 董事会宣布派发中期股息港币0.20元,与二零 零零年相同 . 业务回顾 信息业 中信泰富在信息领域所采取之长远策略 , 是以中 国大陆为依托并以香港作为亚洲枢纽 , 最终致力 发展成为一个服务遍及全球之电讯网络 . 中国大陆方面 , 奔腾一号骨干网建设继续取得 进展 , 迄今光纤路段铺设已逾23,000公里 , 而已铺 设之光纤芯公里总长度则约达110,000芯公里 . 为 满足日后之营运需要 , 有关方面已同意在不变更 原订成本的基础上 , 整个骨干网光纤芯公里之总 长度将由154,864芯公里增加至224,144芯公里 . 连接华北至华南大部份地区以及沿海各大城 市逾100个交换站已完成设备安装工程 . 近期项目 发展的重点将移至以成都 、 重庆及西安为中心之 西部城镇 . 奔腾一号在中信泰富购买时已申明将委托中 信北京做网络运行及管理 , 中信北京现继续与有 关方面协商合作事宜 , 进度良好 . I Chairman'

s Business Review 主席报告

3 Through its controlled subsidiary, CITIC Guoan Information Industry (GAII), our 50% owned associate CITIC Guoan continued to expand its cable TV operations. GAII'

s cable subscribers increased by 46,000 in the first six months of

2001 and the cable system is being upgraded to be able to offer more value-added services to customers. In the last several months, GAII has acquired a telecommunication system integration business, and more recently the Everbright Communication Corporation, further strengthened Guoan'

s capability and market position in the communication business in China. In May 2001, CITIC Pacific entered a cooperative joint venture with the city of Dalian to jointly develop a comprehensive communication network in the city. Technical reviews and the development of a business plan are underway. In Hong Kong, CITIC Telecom

1616 moved its operations centre into CITIC Tower in July

2001 and has doubled its IDD voice switching capacities to 300,000 lines. CITIC Telecom 1616'

s voice platform is now connected to more than

60 countries and serving

80 plus major local and international telecom carriers and mobile operators. CITIC Pacific has offered to buy 100% of PSINet (HK), and it is anticipated that the transaction will be completed by the end of the year. The acquisition will enable CITIC Pacific to develop IP based value-added services and internet business. Hong Kong will serve as a bridge linking China and the rest of the world. 本公司占50%权益之联营公司中信国安有限 公司透过其附属公司中信国安信息产业股份公司 ( 「国安信息」 ) 继续扩展其有线电视业务 . 於二零 零一年首六个月 , 国安信息之有线电视用户增加 了46,000户.现该公司正进行提N有线电视系统 之功能的工作 , 以便能为用户提供增值服务 . 过 去数个月间 , 国安信息收购了一项电讯系统集成 业务 , 并於最近收购了光大通信公司 , 进一步巩 固加强了中信国安在中国信息行业之实力及其 市场地位. 中信泰富於二零零一年五月与大连市政府签 约,筹组合作企业 , 一同在大连市内发展一个多元 化信息网络 . 双方现正进行有关技术研究及业务 发展计划方案 . 在香港方面 , 中信电讯1616於今年七月已将其 营运总部迁入中信大厦 , 并将其国际长途话务交 换容量倍增至300,000个端口 . 目前 , 该公司的网 络平台已连接60余个国家 , 为80多家当地及国际 主要电讯营运商提供服务 . 中信泰富将全面收购PSINet (HK) , 此项工作约 可在年内完成 . 一旦购入PSINet (HK) , 中信泰富将 发展IP增值业务及互联网业务 , 以香港为桥梁联结 中国和世界 .

4 Chairman'

s Business Review 主席报告 In Macau, CTM'

s mobile phone and internet customers have increased more than 18% and 38% respectively over the same period last year. Net profit also grew by 37% despite reductions in mobile and IDD charges. Power CITIC Pacific'

s power plants in Mainland China performed well despite a general increase in the coal price of approximately 8% which resulted in increase in the total production cost. Power output was also a little lower compared with the exceptionally strong demand experienced last year. Management at all the plants have continued the improvement of their operating efficiency as a first priority. The development of the co-generation power station in Huhhot, Inner Mongolia is on schedule for commissioning the first 200MW unit in the first half of

2002 and the second unit, also 200MW, by the end of 2002. In June 2001, CITIC Pacific signed an agreement to acquire 55% equity interest in a co-generation power plant project in Jilin province in the north-eastern part of China. The plant will include two 100MW power generators and three

360 tonnes boilers which will provide both power and heating to the area. The construction work began two years ago and is expected to complete in 2002. Roads, Bridges, Tunnels CITIC Pacific'

s bridges, tunnels and road projects in the Mainland continue to contribute stable returns and cashflow to the Company. In Hong Kong, the Eastern Harbour Crossing continues to generate strong revenue and cash flow and has repaid its debt in full. The Western Harbour Crossing (WHC) recorded its first six months profit since opened in

1997 following an increase in tolls in late 2000. 澳门方面 , 澳门电讯之流动电话及互联网用户 数目分别较去年同期增加逾18%及38%.虽然流动 电话和长途电话收费减低 , 但纯利仍增长37%. 发电 虽然期内煤价平均上涨约8% ,导致生产成本增 加,与去年电力需求异常强劲之情况相比 , 发电量 亦出现轻微下降 , 但中信泰富在中国大陆之发电 厂仍有不俗表现 . 所有发电厂之管理层继续以提 高营运效率为首要任务 . 位於内蒙古呼和浩特之热电厂兴建工程正按 照预定进度施工 , 首台20万千瓦之发电机组可望 於二零零二年上半年进入商业运转 , 而第二台20 万千瓦发电机组则将於二零零二年底前投入使用 . 中信泰富於二零零一年六月签订协议 , 收购一 家位於中国东北部吉林省的热电厂55%之权益 . 该热电厂由两台各为10万千瓦之发电机组及三台 各为360吨锅炉组成 , 为该地区提供电力及热力供 应.该热电厂兴建工程於两年前展开 , 可望於二零 零二年完成 . 公路、桥梁、隧道 中信泰富在国内之桥梁 、 隧道及公路项目继续为 本公司提供稳定的收益及现金回报 . 香港方面 , 东区海底隧道之收入及现金流量继 续保持强劲 , 该项目公司已经清还其所有债务 . 西 区海底隧道继於二零零零年底调高收费后始录得 溢利 , 此乃该隧道自一九九七年通车之后首次录 得中期溢利 .

5 Aviation It is inevitable that Cathay Pacific'

s profitability will be adversely affected by the slowdown in the world major economies and by the industrial action of the pilots union. However, Cathay Pacific has the world'

s most modern fleet, a high quality management ........