29 RELATED PARTIES TRANSACTIONS CONTINUED¡
(i) Income from and expenses to related parties (Continued)
Notes:
(a) Container handling fees received from joint ventures and related companies were charged at terms pursuant to
the relevant agreements.
(b) Management and service fee received from joint ventures and related companies were charged at terms mutually
agreed.
(c) Revenue from a joint venture and related companies for the provision of transportation management services was
charged at prices and terms mutually agreed.
(d) Sales of fixed assets and parts to a related company was charged at prices and terms mutually agreed.
(e) Container handling charges and operating lease rentals paid to joint ventures, associated companies and related
companies were charged at terms pursuant to relevant agreements.
(f) The Trustee-Manager’s management fees were charged in accordance with the Trust Deed.
The base fee was charged at a fixed fee of US$2,500,000 (equivalent to HK$19,500,000) per annum which is subject
to increase each year from 2012 by such percentage representing the percentage increase in the Hong Kong
Composite Consumer Price Index. The base fee for the year ended 31 December 2015 is payable in cash. As the
December 2015 figure for the Hong Kong Composite Consumer Price Index is yet to be published as at the date of
preparation of these financial statements, the adjustment to the base fee, if required, will be accounted for in the
subsequent financial period.
Divestment fee was related to the disposal of 60% shareholdings in Asia Container Terminals Holdings Limited by
HPH Trust in March 2014. It was calculated based on 0.5% of 60% of the enterprise value (as defined in the Trust
Deed) of such divestment.
(g) Global support services fees in respect of administration services, and licence for certain intellectual property
rights were charged at prices and terms mutually agreed.
(h) IT support and maintenance services fees in respect of the support and maintenance of IT systems paid to an
associated company and related companies were charged at prices and terms mutually agreed.
(i) Telecommunication charges paid to related companies were charged at prices and terms mutually agreed.
(j) Security guards service fees paid to a related company were charged at prices and terms mutually agreed.
(k) Acquisition of fixed assets from related companies were charged at prices and terms mutually agreed.
(ii) Key management compensation
Key management of the Group includes managing directors and key management of the deep-water container ports
of the Group. The compensation paid or payable to key management for employee services is shown below:
2015
2014
HK$’000
HK$’000
Salaries and employee benefits
30,951
30,450
Notes to the
Financial Statements
111
ANNUAL REPORT 2015
HUTCHISON PORT HOLDINGS TRUST
