SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 16, 2008
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HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED
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By:
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/s/ Tim Pennington
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Tim Pennington
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Executive Director
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Exhibit 1.1
HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 2332)
Announcement
pursuant to Listing Rule 13.09(1)
The Board wishes to inform the shareholders of the Company and investors that it is to recognise an impairment charge in its 2007 audited consolidated financial statements of HK$3,854 million (or approximately US$494 million) and to realise
a corresponding deferred tax credit of HK$421 million (or approximately US$54 million) in relation to the Groups investments in its mobile telecommunications business in Thailand. The Group is expected to report a profit for the year ended
31 December 2007. However, as a result of this impairment charge, the Group is expected to report a loss from continuing operations in the presentation of its 2007 audited consolidated financial accounts.
Shareholders of the Company and investors are reminded to exercise caution when dealing in the shares of the Company pending release of the Companys 2007 final
results on 18 March 2008.
This announcement is made pursuant to Rule 13.09(1) of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The Board of Directors (the Board) of Hutchison Telecommunications
International Limited (the Company, together with its subsidiaries, the Group) announces that it is to recognise an impairment charge against the full value of all non-current and intangible assets held by the Group in
relation to its mobile telecommunications business in Thailand. This impairment charge of HK$3,854 million (or approximately US$494 million) will be recognised, and a corresponding deferred tax credit of HK$421 million (or approximately US$54
million) will be realised, in the Groups 2007 audited consolidated financial statements.
The Group is expected to report a profit for the year ended
31 December 2007. The profit for the period includes the one-off gain from the sale of the Groups interests in CGP Investments (Holdings) Limited which will be reported under profit from discontinued operations. However, as a result of
this impairment charge, the Group is expected to report a loss from continuing operations in the presentation of its 2007 audited consolidated financial statements. This compares to a profit from continuing operations of HK$341 million for the six
months ended 30 June 2007.
The Company expects to announce its audited consolidated financial results for the year ended 31 December 2007 on
18 March 2008 at which time the financial impact which this impairment charge and the related deferred tax credit has on the Groups full year result will be quantified.
Shareholders of the Company and investors are reminded to exercise caution when dealing in the shares of the Company
pending release of the Companys 2007 final results on 18 March 2008.
As at the date of this announcement, the Directors of the Company are:
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Executive Directors:
Mr. Dennis Pok Man
LUI
Mr. Tim PENNINGTON
Mr. CHAN Ting Yu
(also Alternate to Mr. Dennis Pok Man Lui)
Mr. WONG King Fai, Peter
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Independent Non-executive
Directors:
Mr. KWAN Kai Cheong
Mr. John W.
STANTON
Mr. Kevin WESTLEY
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Non-executive Directors:
Mr. FOK Kin-ning,
Canning
(Chairman)
Mrs. CHOW WOO Mo Fong, Susan
(also
Alternate to Mr. Fok Kin-ning, Canning
and Mr. Frank John Sixt)
Mr. Frank John SIXT
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Alternate Directors:
Mr. WOO Chiu Man,
Cliff
(Alternate to Mr. Tim Pennington)
Mr. MA Lai Chee,
Gerald
(Alternate to Mr. Wong King Fai, Peter)
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For reference purpose only, in this announcement an exchange rate of US$1.00: HK$7.7984 is adopted.
By Order of the Board
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Edith Shih
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Company Secretary
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Hong Kong, 16 January 2008
Exhibit 1.2
Hutchison Telecom Recognises Non-Cash Impairment Charge
Hong Kong, 16 January 2008 - Hutchison Telecommunications International Limited (Hutchison Telecom; the Group; SEHK:2332; NYSE:HTX) today
announced that it is to recognise a non-cash impairment charge of HK$3,854 million (or approximately US$494 million) in its 2007 audited consolidated financial statements in connection with the Groups investments in its mobile
telecommunications business in Thailand. There will be a resulting deferred tax credit of HK$421 million (or approximately US$54 million) arising from this charge.
The Group markets mobile telecommunications services of CAT Telecom Public Company Limited (CAT) in 25 provinces covering Bangkok and surrounding provinces and leases to CAT the CDMA network used for that service. The business
commenced operations in 2003 providing high-speed multimedia wireless services and has a customer base of 884,000 as at 30 September 2007. In reviewing the prospects for the operations the Board of Directors of Hutchison Telecom formed the view
that the carrying value of certain non-current assets is not expected to be recoverable from future operating cash flow of the current business. Under applicable accounting standards the Group has therefore recognised an impairment charge
representing the whole of its investment in these non-current assets in Thailand. The Board views this as a strategic step to better position the business within the Hutchison Telecom group.
As a result of the impairment charge the Group is expected to report a loss from continuing operations in the presentation of its 2007 audited consolidated financial
statements compared to a profit of HK$341 million reported as at 30 June 2007. Despite this, the Group is expected to report an overall profit for the year 2007 taking into account the one-off gain on the disposal of interest recorded in our
interim results for 2007. At the half year 2007, the Group reported a profit after tax of HK$70,843 million.
The impairment charge has no bearing on the
implementation of the Groups non-binding Memorandum of Understanding (MOU) with CAT regarding the business reorganisation. As stated in the Groups 2007 third quarter KPI results announcement, implementation of the MOU remains
subject to the execution of formal contracts and applicable government and regulatory approvals.
Hutchison Telecoms full year results for 2007 are
expected to be released on 18 March 2008.
- End -
Note to American Depository Shares holder Hutchison Telecoms 2006 annual report on Form 20-F has been filed
with the U.S. Securities and Exchange Commission and is available on our website at www.htil.com. A hard copy of the complete audited financial statements for 2006 is also available free of charge upon request to the Company.
For enquiries, please contact:
Mickey Shiu
Corporate Communications / Investor Relations
Hutchison Telecom
Work: (852) 2128 3107
Mobile: (852) 9092 8233
E-mail:
mickeyshiu@htil.com.hk
About Hutchison Telecommunications
International Limited
Hutchison Telecommunications International Limited (Hutchison Telecom or the Group) is a leading global
provider of telecommunication services. The Group currently offers mobile and fixed-line telecommunication services in Hong Kong, and operates mobile telecommunication services in Macau, Israel, Thailand, Sri Lanka, Ghana, Indonesia and Vietnam. It
was the first provider of 3G mobile services in Hong Kong and Israel. Its leading brands include Hutch, 3 and Orange.
Hutchison Telecom is a listed company with American Depositary Shares quoted on the New York Stock Exchange under the ticker HTX and shares listed on the Stock Exchange of Hong Kong under the stock code 2332. A subsidiary of the Hong
Kong-based Hutchison Whampoa Group, Hutchison Telecom is committed to providing superior telecommunication services in dynamic markets. For more information about Hutchison Telecom, see www.htil.com.
Cautionary Statements
This press release contains forward-looking
statements. Statements that are not historical facts, including statements about the beliefs and expectations of Hutchison Telecommunications International Limited (the Company), 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 the Company 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. The Company 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 Companys 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 the Companys forward-looking statements can be found in the Companys filings with the United States Securities and Exchange Commission.
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