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1. GDP20172021
GDP
20172018201920202021GDP
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GDP2.(2021-2025203520213......
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3. 20122021
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4.
2021121,180
5. 202112312021
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1.
2.
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202211411,100
3.
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4.
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Kroll15KrollKroll
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234,600KrollKrollKroll20211231235,500
0.4%
KrollKroll(i)
(ii) Kroll
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Kroll
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Kroll
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(ii)
(iii)
(iv)
(v)
(vi)(vii) 22,00020
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(ix) 2
KrollKroll(i)145%(ii)2038
= + +
======
Kroll
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Ke = Rf + (ERP) +
Ke =Rf ==ERP = =(i)(ii)Kroll(iii)(iv)
(v)Kroll
7.5%
Kroll5%
KrollFinnerty
Kroll5%
Kroll
(a)(b) 202020222(c) 50%
105/06/2021302,070320,7240.94
25/12/2020548,981628,2971.03
304/01/2020558,600760,4871.05401/01/20211,382,508665,4452.08530/06/2020228,420199,1251.17630/03/2021147,750124,0191.21708/12/202063,38064,9340.98815/12/2020306,199198,1553.03
1.44x
1.11x
1.31x
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0.943.03
1.441.111.31
1.441.11
31.08%
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(i)H5#2021(ii)2020202112313,23011,840(iii)20223315,370
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2022517
– I-1 –
2022517
153128
100%
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– I-2 –
100%
– I-3 –
H5#2022320222045
20161129
2100%3100%24100%25100%16100%790%2880%1972%11070%11170%3
– I-4 –
201912312020123120211231
201920202021106,916106,140441,053(48,108)(48,539)(216,400)
58,80857,602224,653(EBIT)43,74843,484198,094
37,86132,265118,354299,377549,718656,1121,600,1843,788,0815,819,831
65,741598,7591,065,368356,5071,692,8093,158,620232,026381,826458,3621,245,2871,664,4051,793,593
201920202021
106.9106.1441.1
80%2021300%2019202048.148.52021216.420192020EBIT43.743.520212021198.120192020202140.9%41.0%44.9%202112316,4761,7944,945
– I-5 –
(GDP)
EIU2021611
EIU2021GDP8.5%20202.3%2022-25GDP2021202220212021COVID-19EIU20216.461
6.6112022-256.7-6.41
2023
IRENA20215
– I-6 –
(NEA)
46.6%36.93(Mt/yr)
2.988%IEA20202019
2018
15.3%(16.8%)
2019
201863%1878.574%5186TWh
20132018885%141%20197592019
220.04
(kWh)0.0482018
– I-7 –
20195%(14%)(7.6%)(7.1%)
202092060(HVDC)
NEA
? 2019202020211231?????
– I-8 –
???????
??????
– I-9 –
? 2200020
? 52000
? 2
H5#
202110(GTM)
– I-10 –
(APV)(NPV)
(1)145%(2)20380
=++
======
– I-11 –
2022-204520222045(1)(2)(3)(4)
WACCAPV(CAPM)CAPMCAPM:
1.2.
a)
– I-12 –
b)
20211231
1182 HK6,005.97
1798 HK21,285.57
– I-13 –
20211231
3987 HK839.56
41250 HK5,022.90
– I-14 –
20211231
5916 HK119,225.09
6527 HK306.53
Ke = Rf+(ERP)+
– I-15 –
Ke=Rf==3.33%
2051==0.29
ERP==7.29%(Rm)
(Rf)
==2.22%CAPM
(i)
1.22%Kroll
(ii)1%2021
7.5%
– I-16 –
202112311231
202220232024202520262030203520402045(Note 1)731,144815,274814,483813,691812,900809,733787,530373,542325,533
(324,812)(326,134)(326,787)(327,463)(328,374)(359,317)(363,741)(393,892)(336,026)(EBIT)406,331489,140487,696486,228484,526450,416423,789(20,349)(10,493)
(133,544)(146,414)(136,281)(117,411)(108,635)(80,241)(43,273)(1,170)–––(43,927)(46,102)(46,986)(92,544)(95,129)––
272,787342,726307,488322,715328,904277,632285,387(21,519)(10,493)
13%
202220232024202520262030203520402045
0.8500.8500.8500.8500.8500.8500.8500.3910.391
2:
[2020]426
0.850
0.391
202220370.850203820450.391
242021
623.18GWh80%
203720382045
– I-17 –
(W)(Wh)WWh3,136
[2020]426
0.391
0.459
[2020]4260.391
2021
2022-232024202612.5%202725%
– I-18 –
30302022165%2033116%203840%20453%
20222045
APV4%1925%
3.00%
APV7.5%39.648
– I-19 –
= 14,150.5= 23,964.8= 33,779.2
30%49%20%
10%(i)GCM
EVEBIT2021(ii)2021
– I-20 –
(i)(ii)2021EBITEV/2021 EBIT
20211231
2021EBIT12021 EBIT
1(182 HK)
12,904.971,079.00
11.96x
(1798 HK)
89,556.574,716.50
18.99x
3(987 HK)
1,252.56
N/AN/A4(1250 HK)
31,374.90
N/AN/A5(916 HK)
223,006.0912,464.20
17.89x
6(527 HK)
1,983.53
N/AN/A7(3868 HK)
34,866.601,625.85
21.45x
8(451 HK)
10,164.821,062.69
9.57x
17.89x
16.28x
17.89x
15.97x
17.89x
Kroll
– I-21 –
2022232021EBIT2021EBITEV/EBIT2021EV/2021
2021EBIT5%(DLOM)
2021EBIT53.5354.441EV/2021 EBIT17.89x17.89x
957.82979.465
5%DLOM(47.891)(3.973)
(35.824)9.236(214.281)(10.000)100%659.83374.728
30%49%
197.95036.617
197,95036,617368,000
602,567
– I-22 –
DLOM
DLOMFinnertyDLOM5%DLOM
5%DLOM
1.005
2.5416.026
0.3470.024
24.008
– I-23 –
=1=2=34,150,4553,964,8363,779,2205%(207,523)(198,242)(188,961)
989,470989,470989,470(2,400,843)(2,400,843)(2,400,843)2,531,0002,355,0002,179,0001,793,5931,793,5931,793,593(P/B)1.411.311.21Kroll
(GTM)
a)b) 202020222
– I-24 –
c) 50%
1 05/06/2021302,070320,7240.94
25/12/2020548,981628,2971.03
3 04/01/2020558,600760,4871.054 01/01/20211,382,508665,4452.085 30/06/2020228,420199,1251.176 30/03/2021147,750124,0191.217 08/12/202063,38064,9340.988 15/12/2020306,199198,1553.03
1.44x
1.11x
– I-25 –
GTMP/B1.11x1.44xAPVP/B1.211.41P/BP/B
= 7.00%= 7.25%= 7.50%= 7.75%= 8.00%
2,510,0002,432,0002,355,0002,280,0002,207,000
1.401.361.311.271.23
100%2,355,000,000
– I-26 –
Kroll (HK) Limited
KrollKrollKroll
Kroll
– II -1 –
100%
Kroll (HK) Limited
100%202112312022517
14.61
– II -2 –
14.62(2)
3000
– II -3 –
14.62(2)
2022517
– III -1 –
PRESSWAY COMPANY
| LIMITED00177 |
100%
14.62(3)
2022517
Kroll (HK)LimitedKroll100%20211231
14.61
– III -2 –
Kroll
14.62(3)
2022517
– IV -1 –
13.51(2)
1973199581999319993201611201611202110202110202111
202111
1976
– IV -2 –
19626China Political Economy
(i)
(ii)571XV(iii)
13.51(2)(h)13.51(2)(w)
– V -1 –
10121,000
4.00
4.01
4.02
4.03
4.06
– V -2 –
5.00
5.01
5.02
5.03
6.00
6.01
6.02
6.03
1004.005005.00200
5004.00500
4.00––––
4.01500100100
4.02010050
4.030100200
4.06010050
– VI -1 –
.
.
1,222,000,000H1,222,000,0003,815,747,500A3,815,747,500
5,037,747,500
1,222,000,000H1,222,000,0003,815,747,500A3,815,747,500
5,037,747,500
– VI -2 –
.
XV(a)XV7
(b)352(c)10
. XV23
XV23
A
AA2,742,578,825 (L)71.88 % (54.44%) (L)589,059,077 (L)15.44% (11.69%) (L)
– VI -3 –
H
HH(2)
146,754,597(L)12.01%(2.91%)(L)BlackRock, Inc.
(3)
132,683,158 (L)10.86%(2.63%)(L)5,872,000(S)0.48%(0.12%) (S)JPMorgan Chase & Co.
(4)
85,117,105(L)6.97%(1.69%) (L)2,829,265(S)0.23%(0.06%) (S)52,105,699(P)4.26%(1.03%) (P)Citygroup Inc.
(5)
73,336,093(L) 6.00%(1.46%)(L)142,000(S)0.01%(0.00%)(S)72,839,925(P)5.96%(1.45%)(P)Newton InvestmentManagement Limited
61,150,309(L)5.00%(1.21%) (P) (L)(S)(P)
(1)(2)
(3) BlackRock, Inc.132,683,158H
5,872,000H(354,000H())BlackRock, Inc.(a) BlackRock Holdco 6, LLCBlackRock,Inc.90%BlackRock
Holdco 6, LLC(i) BlackRock Institutional Trust Company, Nationa1 Association
19,015,876H5,518,000H(ii) BlackRock Fund Advisors47,110,000H
– VI -4 –
(b) BR Jersey International Holdings L.P.BlackRock,Inc.86%BR
Jersey International Holdings L.P.(i) BlackRock Japan Co., Ltd. 2,847,066H(ii) BlackRock Investment Management (Australia) Limited454,000
H(iii) BlackRock Asset Management North Asia Limited1,035,491H(iv) BlackRock (Singapore) Limited150,000H(c) BlackRock Canada Holdings LPBR Jersey International Holdings L.P.
99.9%3(b)BlackRock Canada Holdings LPBlackRock Asset Management Canada Limited1,936,000H(d) BlackRock Group LimitedBR Jersey International Holdings L.P.
3(b)90%BlackRock Group Limited(i) BlackRock (Netherlands) B.V.2,908,041H(ii) BlackRock International Limited32,000H(iii) BlackRock Asset Management Ireland Limited11,905,865H(iv) BLACKROCK (Luxembourg) S.A.17,508,000H
34,000H(v) BlackRock Investment Management (UK) Limited6,927,163H(vi) BlackRock Fund Managers Limited3,854,818H(vii) BlackRock Asset Management (Schweiz)AG6,000H
– VI -5 –
(4) JPMorgan Chase & Co.85,117,105H2,006,197
H2,829,265H1,200,000H530,000H
JPMorgan Chase & Co.
4,236,3062,829,265–28,741,000––34,100––––52,105,699
(5) Citigroup Inc.73,336,093H162,000H
142,000H136,000HCitigroup Inc.
496,168142,000–––72,839,925
.
.
– VI -6 –
.
.
.
Kroll (HK) Limited
20211231
– VI -7 –
.
2022,
.
(a) 6
1817(b) H
183171712-1716(c).
http://ww.hkexnews.hkhttp://www.jsexpressway.com:
(a)(b)(c) , 42-43(d) , 44-75(e) ,
– VI -8 –
(f) (),(g)
2021??
– N -1 –
PRESSWAY COMPANY
| LIMITED00177 |
2021
? 2022617?
202261732021
2021
A
? 20226173? 6
2021
– N -2 –
20226172022617
9:159:259:3011:301:003:00
9:153:00 #
#
2021
– N -3 –
1. 20211231
2. 20211231
3. 20211231
4. 2021
5. 2022
6. 20210.46
7. 2022
23070
8. 202255
2021
– N -4 –
9. 20226060
10. 20228080
11.
100%2,457
12.
2021
– N -5 –
13 20223030
13.1 ;
13.2 ;
13.3 ;
13.4 ;
13.5 ;
13.6 ;
13.7 ;
13.8 ;
13.9 ;
13.10 ;
13.11 ;
13.12
13.13
13.14
13.15
14. 2
14.1
20212023
14.2
20212023
2021
– N -6 –
15. 1
20212023
(1)
20223282022430H20225172022430
100%H2022517
202110920224302022512H2022517
(www.jsexpressway.com)(www.hkexnews.hk)(www.sse.com.cn)
(2) 671113-15
(3) 11
(4) 13
(5)
2021
– N -7 –
vote.sseinfo.com
2022531
A20225314:30H
6003772022531
2021
– N -8 –
(1) 2022531
20225314:30H20226
(2) 202242920225182022617
HH
20225174:30H183171712–1716(3)
(4)
20226163HH18317M
2021
– N -9 –
(1)
(2)6
210049
(86) 25-8436 2700301815(86) 25-8446 4303()
(86) 25-8420 7788
(3)
(4) A
(5) 2022517H
2022517