7
TAX CONTINUED¡
The tax charge on the Group’s profit before tax di
ers from the theoretical amount that would arise using the weighted
average tax rate of the Group as follows:
2015
2014
HK$’000
HK$’000
Profit before tax excluding share of profits less losses after tax of joint ventures
and associated companies and impairment of goodwill (Note)
3,728,489
3,574,155
Tax calculated at weighted average tax rate of 24.4% (2014: 24.0%)
908,360
858,176
Tax exemption in the PRC
(242,104)
(216,066)
Income not subject to tax
(29,694)
(54,386)
Expenses not deductible for tax purposes
57,855
63,295
Withholding tax on unremitted earnings
121,888
113,124
Utilisation of previously unrecognised tax losses
(623)
(11,003)
Under/(over) provision in prior year
6,229
(25,461)
Tax losses not recognised
1,745
3,403
Others
1,238
(110)
Total tax
824,894
730,972
Note:
A one-o
, non-cash goodwill impairment loss of HK$19.0 billion was recognised in 2014.
8
DISTRIBUTIONS
2015
2014
HK$’000
HK$’000
For the period from 1 July 2013 to 31 December 2013
Distribution of 22.30 HK cents per unit
-
1,942,576
For the period from 1 January 2014 to 30 June 2014
Distribution of 18.70 HK cents per unit
-
1,628,975
For the period from 1 July 2014 to 31 December 2014
Distribution of 22.30 HK cents per unit
1,942,576
-
For the period from 1 January 2015 to 30 June 2015
Distribution of 15.70 HK cents per unit
1,367,643
-
3,310,219
3,571,551
On 2 February 2016, the Board of Directors of the Trustee-Manager recommended the distribution of 18.70 HK cents per unit
for the financial result from 1 July 2015 to 31 December 2015 (2014: 22.30 HK cents per unit) amounting to HK$1,629.0 million
(2014: HK$1,942.6 million) and payable on 24 March 2016. This distribution is not reflected in these financial statements and
will be recognised in equity as an appropriation of retained profits in the financial year ending 31 December 2016.
9
EARNINGS/LOSS¡ PER UNIT
The calculation of earnings/(loss) per unit is based on profit attributable to unitholders of HPH Trust of HK$1,744,899,000 for the
year ended 31 December 2015 (2014: loss attributable to unitholders of HPH Trust of HK$17,191,955,000) and on 8,711,101,022 units
in issue (2014: 8,711,101,022 units in issue), which is the weighted average number of units for the year ended 31 December 2015.
Diluted earnings/(loss) per unit is the same as the basic earnings/(loss) per unit for the years ended 31 December 2015 and 2014.
Notes to the
Financial Statements
089
ANNUAL REPORT 2015
HUTCHISON PORT HOLDINGS TRUST
