1
GENERAL INFORMATION
Hutchison Port Holdings Trust (“Trust” or “HPH Trust”) is a business trust constituted by a deed of trust dated 25 February 2011
(as amended) (the “Trust Deed”) and registered with the Monetary Authority of Singapore. HPH Trust is principally regulated
by the Business Trusts Act, Chapter 31A of Singapore and Securities and Futures Act, Chapter 289 of Singapore. Under the
Trust Deed, Hutchison Port Holdings Management Pte. Limited (the “Trustee-Manager”), has declared that it will hold all
its assets (including businesses) acquired on trust for the unitholders as the Trustee-Manager of HPH Trust. The registered
address of the Trustee-Manager is at 50 Ra¶es Place, #32-01 Singapore Land Tower, Singapore 048623. HPH Trust was listed
on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 18 March 2011.
HPH Trust is established with the principal investment mandate of investing in, developing, operating and managing
deep-water container ports in the Guangdong Province of the People’s Republic of China (“PRC”), Hong Kong and Macau.
HPH Trust may also invest in other types of port assets including river ports, which are complementary to the deep-water
container ports owned by HPH Trust, as well as undertake certain port ancillary services including, but not limited to,
trucking, feedering, freight-forwarding, supply chain management, warehousing and distribution services.
2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”)
issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The financial statements have been prepared
under the historical cost convention except for investments and derivative financial instruments which are stated at fair value,
as explained in the significant accounting policies set out below.
There is no material di
erence in preparing the financial statements using HKFRS and International Financial Reporting
Standards (“IFRS”). No material adjustments are required to restate the financial statements prepared under HKFRS to
comply with IFRS.
At 31 December 2015, HPH Trust and its subsidiary companies (the “Group”) recorded net current liabilities of HK$5.8 billion,
mainly resulting from unsecured bank loans of US$0.9 billion (approximately to HK$7.0 billion) and HK$1.6 billion, which
will mature in September 2016 and November 2016 respectively. Management is confident to complete the refinancing
arrangement before the expiry of these existing loans. Based on the Group’s history of its ability to obtain external financing,
its operating performance and its expected future working capital requirements, management believes that there are
su¢cient financial resources available to the Group to meet its liabilities as and when they fall due. Accordingly, these
consolidated financial statements have been prepared on a going concern basis.
The preparation of financial statements in conformity with HKFRS requires management to exercise its judgements in the
process of applying the accounting policies of the Group. It also requires the use of certain critical accounting estimates and
assumptions. The areas involving a higher degree of judgements or complexity, or areas where assumptions and estimates
are significant to the financial statements, are disclosed in Note 3.
Adoption of amendments to existing standards
In the current year, the Group has adopted all of the new and revised standards, amendments and interpretations issued
by the HKICPA that are relevant to the Group’s operations and mandatory for annual period beginning 1 January 2015. The
e
ect of the adoption of these new and revised standards, amendments and interpretations was not material to the Group’s
results or financial position.
Notes to the
Financial Statements
OPTIMISING FOR THE FUTURE
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