Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
VOLUNTARY ANNOUNCEMENT 2017 FIRST QUARTER RESULTS OF WIND TRE S.P.A.The board of directors (the "Board") of CK Hutchison Holdings Limited (the "Company" and, together with its subsidiaries, the "Group") has noted that Wind Tre S.p.A. ("Wind Tre", an indirect wholly- owned subsidiary of VIP-CKH Luxembourg S.à r.l., a joint venture company equally owned by the Company and VEON Ltd. (formerly VimpelCom Ltd.)), has announced on its website its unaudited 2017 first quarter results.
Based on the information currently available from Wind Tre, the Board would like to advise that the Group's share of three months results of the telecommunications businesses in Italy to be included in the Group's interim results for the six months period ending 30 June 2017 (the "2017 Interim Results") will differ from the 2017 first quarter results as announced by Wind Tre. These differences are noted in the reconciliation below:
Wind Tre's Q1 2017 results 1,552 517 458 (321) 50% share of Wind Tre's Q1 2017 results Group's share of Wind Tre's Q1 2017 results € millionsConsolidation
adjustments
776(91)
685Total Revenue (1)
258(2)
256EBITDA before integration costs (1)
22927
256EBITDA (2)
(161)353
192EBIT (LBIT) (2)
For revenue, the consolidation adjustments mainly represent reclassification of the handset and other revenue arising from customer acquisition and retention activities to conform with the Group's definition of revenue. The consolidation adjustments for EBITDA before integration costs mainly represent reclassification of sale of handset receivables related items to conform with the Group's accounting treatment and presentation.
The accounting standards require the Group to account for Wind Tre's assets and liabilities at fair value at the formation of Wind Tre. Accordingly, provisions for commitments, onerous contracts and guarantees had been made and a lower valuation had been assigned by the Group to the assets of the telecommunications businesses in Italy as a result of the formation of Wind Tre. These provisions and lower values are required to be reflected in the Group's consolidated financial statements as a result of the applicable accounting standards. Consequently, adjustments to EBITDA and EBIT of the telecommunications businesses in Italy have been made when the Group's 50% interest in Wind Tre. is incorporated into the Group's consolidated results.
By Order of the Board
Edith ShihExecutive Director and Company Secretary
Hong Kong, 9 May 2017
As at the date of this announcement, the Directors of the Company are:
Executive Directors: Mr LI Ka-shing (Chairman) Mr LI Tzar Kuoi, Victor (Group Co-Managing Director and Deputy Chairman) Mr FOK Kin Ning, Canning (Group Co-Managing Director) Mr Frank John SIXT (Group Finance Director and Deputy Managing Director) Mr IP Tak Chuen, Edmond (Deputy Managing Director) Mr KAM Hing Lam (Deputy Managing Director) Mr LAI Kai Ming, Dominic (Deputy Managing Director) Ms Edith SHIH | Non-executive Directors: Mr CHOW Kun Chee, Roland Mrs CHOW WOO Mo Fong, Susan Mr LEE Yeh Kwong, Charles Mr LEUNG Siu Hon Mr George Colin MAGNUS Independent Non-executive Directors: Mr KWOK Tun-li, Stanley Mr CHENG Hoi Chuen, Vincent The Hon Sir Michael David KADOORIE Ms LEE Wai Mun, Rose Mr William Elkin MOCATTA (Alternate to The Hon Sir Michael David Kadoorie) Mr William SHURNIAK Mr WONG Chung Hin Dr WONG Yick-ming, Rosanna |
CK Hutchison Holdings Limited published this content on 09 May 2017 and is solely responsible for the information contained herein.
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