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HUTCHISON PORT HOLDINGS TRUSTANNUAL REPORT 2014

MOMENTUMC A P I T A L I S I N G O N

HARNESSING OUR POSITION IN ONE OF THE WORLD’S LARGEST TRADING HUBS,

HUTCHISON PORT HOLDINGS TRUST IS POWERING AHEAD WITH STRENGTH

AND RESILIENCE.

TOP PORT OPERATOR IN THE PEARL RIVER DELTA

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

16KEY EVENTS

34 41INVESTOR RELATIONS

LETTER TO uNIThOLDERS

20

cAPitAlis ing on MoMentuM

aerial view of yiCt at dusk

EXTENDING OUR ADVANTAGE

Building on our traCK reCord

our ports have consistently been ranked among the best in the world. upcoming expansions, including new container berths at yiCt, will ensure that our position and standards are maintained.

c A P i t A l i s i n g o n M o M e n t u M

CORPORATE MILESTONES

C o r p o r a t e

03

01JANtwo 18,000 teu mega-vessels from Maersk’s triple-e fleet, the Marie Maersk and Madison Maersk, called at Yict simultaneously, an event made possible through Yict’s mega-vessel1 handling capabilities.

Yict was awarded the national labour day Award of Merit by All china Federation of trade unions at a labour day ceremony, in recognition of its XNLSNǩHFSY�HTSYWNGZYNTSX�YT�(MNSFǆX�XTHNFQ�and economic development. Yict was the only organisation in shenzhen to receive this award in 2014.

Hit was honoured with the Family-Friendly employers Award by the Family council of Hong Kong, in recognition of its policies and practices that are supportive of employees’ family lives. this award is TWLFSNXJI�\NYM�XZUUTWY�KWTR�YMJ�-TRJ�&ǨFNWX�'ZWJFZ�of the HKsAr, and has been bestowed upon Hit for the second consecutive year.

APR

JUN

MAR

04

06

Hit was presented with the green Medal at the Hang seng Pan-Pearl river delta environment Awards, jointly organised by the Federation of Hong Kong .SIZXYWNJX�FSI�-FSL�8JSL�'FSP��9MJ�F\FWI�recognises initiatives by companies that JǨJHY�UTXNYN[J�JS[NWTSRJSYFQ�HMFSLJ�NS�the Pan-Pearl river delta region.

Hit took delivery of two barge quay cranes, YMJ�ǩWXY�TK�YMJNW�PNSI�NS�XTZYMJWS�(MNSF��from the sAnY group. they were put into operation at the terminal in March 2014.

to handle the growing import and export volumes between southern china and Vietnam, the Yantian-Haiphong service (sVg), was launched at Yict. the new service, operated by china united 1NSJX��UWT[NIJX�F�INWJHY�FSI�JǫHNJSY�transportation route for cargo owners in southern china.

01

02

Yict was presented with four awards by YMJ�(TSYFNSJW�'WFSHM�TK�YMJ�(MNSF�5TWYX�Association during its committee Meeting in Wuhan, Hubei Province. Ǎ�(TSYFNSJW�9JWRNSFQ�\NYM�&SSZFQ�

throughput exceeding ten Million teu in china, 2012-2013

Ǎ�9TU��(TSYFNSJW�9JWRNSFQX�NS�YJWRX�TK�total container Volume by intermodal services in china, 2012-2013

Ǎ�(TSYFNSJW�9JWRNSFQ�\NYM�<FYJW�YT�<FYJW�transshipment throughput exceeding 800,000 teu in china, 2012-2013

Ǎ�(TSYFNSJW�9JWRNSFQ�\NYM�.SYJWSFYNTSFQ�transshipment throughput exceeding 100,000 teu in china, 2012-2013

9MJXJ�F\FWIX�KZWYMJW�HTSǩWRJI�>.(9ǆX�well-developed intermodal transportation services and position as a preferred port-of-call for mega-vessels.

03

04

2014

1 “Mega-vessel” refers to vessels with carrying capacity in excess of 10,000 TEU

06

HutcHison Port Holdings trust AnnuAl rePort 2014

NOV11/FSJY�<TSL��F�)ZY^�4ǫHJW�NS�-.9ǆX�4UJWFYNTSX�department was featured in the television series Faces of Hong Kong�FX�YMJ�HNY^ǆX�ǩWXY�QNHJSXJI�KJRFQJ�HWFSJ�operator. the programme is part of the government’s marketing and communications strategy to promote the cultural and social aspirations of Hong Kong. the series is produced by the government’s information services department in collaboration with radio television Hong Kong.

Hit’s information security Management system was F\FWIJI�.84�.*(��HJWYNǩHFYNTS�G^�YMJ�'WNYNXM�8YFSIFWIX�.SXYNYZYNTS�-TSL�0TSL��9MJ�.84�.*(��standard is an internationally recognised benchmark for information security management and information asset UWTYJHYNTS��XZHM�FX�ǩSFSHNFQ�NSKTWRFYNTS��NSYJQQJHYZFQ�property, employee details and third-party information.

-.9�\FX�YMJ�ǩWXY�HTSYFNSJW�YJWRNSFQ�TUJWFYTW�NS�-TSL�0TSL�YT�FHMNJ[J�.84�.*(��HTRUQNFSHJ�NS�2009. recent updates to the compliance system include improvements to security controls that manage modern day risks, such as identity theft, risks related to mobile devices and other online vulnerabilities.

01 01

02

02

08-.9�\FX�LN[JS�YMJ�ǈ'JYYJW�<TWQI�company” logo by the Junior chamber international Hong Kong and the World green organisation, in recognition of its commitment to the united nations Millennium development goals; as well FX�YMJ�ǈ,WJJS�4ǫHJǉ�QFGJQ�\NYM�YMJ�<TWQI�green organisation.

9MJXJ�QFGJQX�UF^�YWNGZYJ�YT�-.9ǆX�JǨTWYX�NS�HWJFYNSL�F�LWJJS�TǫHJ��FSI�\JWJ�F\FWIJI�on the basis of Hit’s performance in nine INǨJWJSY�HFYJLTWNJX��JSJWL^�XF[NSLX��water savings, waste reduction, paper and printing reduction, green procurement, it use and disposal, transportation, education and awareness, and green innovation.

>.(9�MFSIQJI��9*:�NS�&ZLZXY��breaking its previous monthly throughput WJHTWI�TK��9*:�XJY�NS�&ZLZXY�� by 9%. in addition, Yict handled over ��RNQQNTS�9*:�UJW�RTSYM�KTW�ǩ[J�HTSXJHZYN[J�months from July to november 2014.

AUG

01

02

on 29 december 2014, Yict welcomed YMJ�NSFZLZWFQ�HFQQ�TK�YMJ��9*:�sajir. the vessel is the first of united Arab 8MNUUNSL�(TRUFS^ǆX�&��XJWNJX��YMJ�largest container vessel in its fleet, and the industry’s first ever lng-ready mega-vessel, measuring 368 metres long FSI��RJYWJX�\NIJ��

12DEC

As a further testament to Yict’s mega-vessel handling capabilities, the terminal received the Msc oscar�TS��+JGWZFW^��9MJ�Msc oscar is the world’s largest container vessel with a carrying HFUFHNY^�TK��9*:��RJFXZWNSL��RJYWJX�QTSL�FSI��RJYWJX�\NIJ��\NYM�NYX�IJHP�FQTSJ�HT[JWNSL�an area equivalent to four football pitches.

Hit was once again presented with a green Medal at the Hang seng Pan Pearl river delta environment Awards, jointly organised by the Federation of Hong 0TSL�.SIZXYWNJX�FSI�-FSL�8JSL�'FSP��9MJ�F\FWI�recognises and encourages the continuance of Hit’s sound environmental practices.

FEB022015

07

TRUST PROFILE

HPH trust

hutchison port holdings trust (“hph trust” or the “trust”) is the world’s first publicly traded container port business trust. listed on the Main Board of the singapore exchange (“sgx”) in March 2011, it was also the first entity to launch dual currency trading of its units in early 2012. the trust was subsequently admitted into the straits times index (“sti”) on 3 april 2013, and remains one of the top 30 companies on the Main Board of the sgx.

the trust’s mandate is principally to invest in, develop, operate and manage deep-water container ports in China’s guangdong province, as well as in hong Kong and Macau (collectively known as the pearl river delta (“prd”)).

Currently, hph trust owns interests in four1 market-leading, best-in-class, deep-water container ports strategically located in Kwai tsing in hong Kong and shenzhen in China, two of the world’s busiest port destinations. its terminals operate 32 container berths across 543 hectares of land, with a combined throughput of approximately 24.2 million twenty-foot equivalent units (“teu”) in 2014.

the trust’s core port operations are supported by complementary river ports and ancillary services, which provide customers with seamless supply chain solutions for both imports and exports. -5-�9WZXY�MTQIX�JHTSTRNH�GJSJǩYX�NS�YMWJJ�river ports in China (“river ports economic 'JSJǩYX2 ”), namely Jiangmen international Container terminals limited (“Jiangmen terminal”), nanhai international Container terminals limited (“nanhai terminal”) and Zhuhai international Container terminals (Jiuzhou) limited (“Zhuhai Jiuzhou terminal”) (together, the “river ports”). it also operates ancillary services via asia port services limited (“aps”), operator of one TK�YMJ�QFWLJXY�ǪJJYX�TK�IJINHFYJI�GFWLJX�in hong Kong, hph e.Commerce limited ǈ-ZYHMNXTS�1TLNXYNHXǉ��\MNHM�TǨJWX�XZUUQ^�chain solutions across rail, sea and land networks, and shenzhen hutchison inland Container depots Co., limited (“shiCd”), operator of an inland container depot and warehouse in shenzhen.

tHe trustee-MAnAger

the trust is managed by hutchison port holdings Management pte. limited (“trustee-Manager”), an indirect wholly-owned subsidiary of hutchison whampoa limited. the trustee-Manager has the dual responsibility of safeguarding the

1 Namely Hongkong International Terminals (“HIT”), COSCO-HIT Terminals (“COSCO-HIT”), Asia Container Terminals (“ACT”) and Yantian International Container Terminals (“YICT”)

2 7KH�5LYHU�3RUWV�(FRQRPLF�%HQHÀWV�UHSUHVHQW�WKH�HFRQRPLF�LQWHUHVW�DQG�EHQHÀWV�RI�WKH�River Ports, including all dividends and any other distributions or other monies payable to Hutchison Port Holdings Limited (“HPH”) or any of its subsidiaries in its capacity as a shareholder of the relevant holding company RI�WKH�5LYHU�3RUWV�DULVLQJ�IURP�WKH�SURÀWV�attributable to the business of the River Ports and all sale or disposal proceeds derived from such businesses, assets, rights and/or liabilities constituting any part of the business of the River Ports as agreed with HPH and any of its subsidiaries

interests of unitholders and managing hph trust’s businesses. the key objective of the trustee-Manager is to provide unitholders with stable and regular distributions and long-term growth in distributions per unit (“dpu”).

the Board of directors of the trustee-Manager consists of individuals with a broad range of commercial experience, including expertise in the port industry.

TRuST PROfILE

DID YOU KNOW?

Measuring 395.4 metres long and 59 metres wide, and with a carrying capacity of 19,224 teu, the MsC oscar is the largest mega-vessel to have docked at any of the trust’s ports. laid end-to-end, the 19,224 containers would span a length of more than 117km, enough to cover the entire east-west, north-south and north-east Mrt lines in singapore!

FUN FACT

08C A P I T A L I S I N G O N M O M E N T U M

100.0%

50.0%

40.0%2

CORPORATE STRUCTURE

HPHTRUST

holding of units distributionsacting on behalf of

unitholders/provisionof management services

fees

ownership and shareholder loans

dividends/interest income, net of applicable taxes and expenses and principal repayment of shareholder loans

HIT, COSCO-HIT & ACT YICT

RIVERPORTS 1

PORTFOLIOANCILLARY

SERVICES

UNITHOLDERS

TRUSTEE- MANAGER

56.4%

51.6%

51.6%

50.0%

50.0%

50.0%

100.0%

100.0%

77.7%

HIT (Terminals 4, 6, 7 and

two berths in Terminal 9) Kwai Tsing

YICT Phases I & II Shenzhen

YICT Phase III & Phase IIIExpansion Shenzhen

West PortPhases I & II Shenzhen

Jiangmen Terminal

Guangdong

Nanhai Terminal Guangdong

Zhuhai Jiuzhou Terminal

Guangdong

APS Kwai Tsing

Hutchison Logistics

Kwai Tsing

SHICD Shenzhen

1� +3+�7UXVW�KROGV�5LYHU�3RUWV�(FRQRPLF�%HQHÀWV��EXW�QRW�WKH�VKDUHV�RI�WKH�5LYHU�3RUWV�KROGLQJ�FRPSDQLHV

2� 7KH�SHUFHQWDJH�UHÁHFWV�WKH�HIIHFWLYH�VKDUHKROGLQJV�DIWHU�WKH�VWUDWHJLF�SDUWQHUVKLS�ZLWK�&26&2�3DFLÀF�/LPLWHG��´&26&2�3DFLÀFµ��DQG�&KLQD�6KLSSLQJ�3RUWV�Development Co., Limited (formerly known as “China Shipping Terminal Development (Hong Kong) Company Limited”) (“CSTD”) in 2014

COSCO-HIT (Terminal 8 East)

Kwai Tsing

ACT (Terminal 8 West)

Kwai Tsing

09HUTCHISON PORT HOLDINGS TRUST ANNUAL REPORT 2014

PORTFOLIO OVERVIEW

the trust’s port assets comprise hit, CosCo-hit, aCt and yiCt. all of the trust’s port assets are located within the key trading hubs of the prd, offering customers accessible gateways to the rest of the world. hph trust has maintained its position as the leading container port operator in the prd by throughput, with a combined throughput of 24.2 million million teu in 2014 across 32 berths spanning 543 hectares of land.

the trust’s ports are located within natural, direct deep-water channels. its berths can accommodate mega-vessels well over 10,000 teu in capacity, servicing many of the world’s largest container vessels calling at the prd. in the past two years, yiCt, the trust’s terminal in shenzhen, handled a total of 84 calls by 16 mega-vessels from Maersk’s 18,000 teu triple-e ǪJJY��9MJ�9WZXY�WJRFNSX�YMJ�TSQ^�UTWY�

operator in the region that can manage two such vessels simultaneously. as a further testament to its mega-vessel handling capabilities, yiCt received the world’s largest container vessel, the 19,224 teu MsC oscar, in february 2015.

with an ever-growing suite of facilities and equipment, together with the ngen terminal management system, the trust continues to uphold best-in-class standards in port operations and vessel management. its advanced systems allow it to monitor vessels and containers with pinpoint accuracy, enabling smooth and efficient operations.

hph trust also operates ancillary services across several ports in the prd which serve to complement its core port operations. these include logistics and supply chain solutions such as warehousing, feeder services, trucking, freight handling, cargo depots, container storage and repair as well as transport networks covering road, rail, sea and air.

PORTfOLIO OVERVIEW10C A P I T A L I S I N G O N M O M E N T U M

tHrougHPut oF HPH trust's Assets (1994 – 2014)teu in tHousAnd

Note: The published statistics from the Hong Kong Marine Development (“HKMD”) for the total of local and transshipment throughput incorporate liftings to or from RFHDQJRLQJ�YHVVHOV�DQG�FRQWDLQHUV�UHFHLYHG�IURP�RU�GHOLYHUHG�WR�SRUWV�ORFDWHG�ZLWKLQ�WKH�ULYHU�WUDGH�]RQH��DV�GHÀQHG�E\�WKH�+.0'��E\�ZDWHU�ERUQH�WUDIÀF��L�H��WUDIÀF�WR�DQG�IURP�WKH�3HDUO�5LYHU�'HOWD�YLD�EDUJHV��7KH�+.0'�SXEOLVKHG�VWDWLVWLFV�DUH�QRW�GLUHFWO\�FRPSDUDEOH�WR�WKURXJKSXW�ÀJXUHV�RI�+,7��&26&2�+,7�DQG�ACT2 shown in the above chart. From 2009 onwards, the HIT, COSCO-HIT and ACT2�ÀJXUHV�KDYH�EHHQ�LQFOXGLQJ�YROXPHV�LQ�UHODWLRQ�WR�OLJKWHUZRUN�DQG�WKH�ZDWHU�ERUQH�WUDIÀF�VR�DV�WR�PDNH�WKH�ÀJXUHV�PRUH�FRPSDUDEOH�WR�VWDWLVWLFV�XVHG�E\�WKH�LQGXVWU\ 1 Included throughput volume of ACT from 7 March 2013, the date of acquisition 2 From 7 March 2013, the date of acquisition

hIT, COSCO-hIT and ACT1 YICT

1994 20062004 2008 20112003 2007 20102005 2009 2012 2013 2014

13,000

9,000

5,000

11,000

7,000

3,000

12,000

8,000

4,000

10,000

6,000

2,000

1,000

020022001200019991998199719961995


hongkong International TerminalsǍ� ��HTSYFNSJW�GJWYMX�FHWTXX�9JWRNSFQX��

and 9 with combined area of 111 hectaresǍ� ��T\SJWXMNU

A

Asia Container TerminalsǍ� ��HTSYFNSJW�GJWYMX�FY�9JWRNSFQ��<JXY�\NYM�

combined area of 29 hectaresǍ� 8YWFYJLNH�UFWYSJWXMNU�FRTSL�-5-�9WZXY��

(48(4�5FHNKNH�FSI�(89)��\NYM�XYFPJX�TK�� FSI��WJXUJHYN[JQ^

C

COSCO-hIT TerminalsǍ� ��HTSYFNSJW�GJWYMX�FY�9JWRNSFQ��*FXY�\NYM�

combined area of 30 hectaresǍ� ��OTNSY�[JSYZWJ�\NYM�(48(4�5FHNKNH

B

Tsing Yi Island

TERMINAL 9 SOUTH

TERMINAL 9 NORTH

TER

MIN

AL

5

TERMINAL 1 TERMINAL 2 TERMINAL 3

Kwai Chung

TERMINAL 4 TERMINAL 6 TERMINAL 7

TERMINAL 8 EAST

TERMINAL 8 WEST

AA

A

KWAI TSING, HONG KONG

PORTFOLIO OVERVIEW

Jiangmen

Zhuhai

Nanhai

hong Kong

Shenzhen

A

C

B

PORTfOLIO OVERVIEW12C A P I T A L I S I N G O N M O M E N T U M

YICT Phases I & IIǍ� *KKJHYN[J�NSYJWJXY�TK��Ǎ� ��HTSYFNSJW�GJWYMX�FSI�HTRGNSJI�

land area of 130 hectares

A

West Port Phases I & IIǍ� *KKJHYN[J�NSYJWJXY�TK��Ǎ� ��HTSYFNSJW�GJWYM�FY�<JXY�5TWY�5MFXJ�.�FSI�

land area of 17 hectaresǍ� ��FIINYNTSFQ�HTSYFNSJW�GJWYMX�FY�<JXY�5TWY�

phase ii are currently under construction with an area of 44 hectares

C

YICT Phase III and YICT Phase III ExpansionǍ� *KKJHYN[J�NSYJWJXY�TK��Ǎ� ��HTSYFNSJW�GJWYMX�FSI�HTRGNSJI�QFSI�FWJF�

of 226 hectares

BWEST PORTPHASES I & II

YICT PHASES I & II

YICT PHASE III

YICT PHASE III

EXPANSION

EAST PORT

To Shenzhen

To Huizhou & Dongguan

To Dameisha & Xiaomeisha

Bonded Logistics

Park

SHENZHEN, CHINA

A

B

C

DID YOU KNOW?

hph trust’s ports cover 543 hectares of land area. this is equivalent to nearly 12,930 basketball courts!

Note: One basketball court is 420 m2 according to the International Basketball Federation. 1 ha = 10,000 m2

FUN FACT


PORTfOLIO OVERVIEW

terminals efficiently managed and executed by 2,000 employees and 4,300-4,800 external contractor workers dailyport operations are complemented by supply chain and logistics solutions providers hutchison logistics and aps

HIT, COSCO-HIT AND ACT

PORTFOLIO OVERVIEW

16 67170

contAiner '*79-8

quAY crAnes

totAl lAnd AreA HectAres

Close proximity, scale and strategically contiguous berths encourage operational synergies 12.5 Million

teu in 2014

Combined throughput mainly comprised cargoes plying Asia, U.S. and Europe trade routes

KWAI TSING, HONG KONG

a globally recognised regional trading hub, hong Kong’s economy has grown at a pace unmatched by the majority of its peers. the city’s well-established legal system, pro-business policies and status as a free port have made it an attractive location to businesses from all over the world.

hong Kong port, with its natural deep-water channels and modern, reliable infrastructure, has been consistently WFSPJI�FRTSL�YMJ�\TWQIǆX�YTU�ǩ[J�busiest ports 1.

1 The Journal of Commerce (2 September 2014) “The JOC Top 50 World Container Ports”


YICTleAding deeP-WAter contAiner Port in eAst sHenzHen And A PreFerred Port-oF-cAll For MegA-Vessels in soutH cHinA

Advanced capabilities and long contiguous berths allow simultaneous handling of multiple mega-vessels

around 2,300 employees and 3,000-4,000 external contractor workers ensure smooth day-to-day operations at the portwell-developed intermodal network provides smooth connectivity to and from China’s burgeoning hinterlanddedicated rail facility connects with China’s main railway network, enabling comprehensive logistical coverage across inland areas

74 quAY crAnes16 contAiner

'*79-8

373 totAl lAnd AreA HectAres

11.7 Million teu in 2014

Combined throughput mainly comprised cargoes along trans-Pacific and Far East-Europe trade routes

SHENZHEN, CHINA

the growth of China’s economy, and its emergence as a key player in the global manufacturing sector, has played a key role in the success of the trust’s assets in shenzhen. adjacent to hong Kong, shenzhen is symbolic of China’s reforms, and serves to enhance cooperation between hong Kong and China. shenzhen is the gateway to guangdong, a global manufacturing hub, and has cemented its status as a veritable force among container ports globally. it was ranked the third busiest port in the world in 20141.

1 Alphaliner (February 2015) “Alphaliner Monthly Monitor: February 2015”


KEY EVENTS

KEY EVENTS

in april 2014, yiCt was awarded the national labour day award of Merit by all China federation of trade unions at a labour day Ceremony, in recognition of its significant contributions to China’s social and economic development. recipients of the award have been judged to be responsible corporate citizens who have made continuous efforts to promote environmental protection and sustainable development, while also maintaining harmonious relations across their respective workforces. yiCt was the only organisation in shenzhen to receive this award in 2014.

APR

yiCt awarded the national laBour day award of Merit

2014

2014

hit CeleBrated

45 YEARS in operation

in august 2014, for the first time in two years, yiCt set a new monthly throughput record, handling ��9*:��9MNX�WJUWJXJSYX�F��NSHWJFXJ�KWTR�the previous record of 1,114,297 teu last achieved in august 2012. similarly, yiCt exceeded 1 million teu in throughput for five consecutive months from July to november 2014.

in february 2015, yiCt was proud to host the MsC oscar, the world’s largest container vessel. with a carrying capacity of 19,224 teu, the MsC oscar measures 395.4 metres long and 59 metres wide, its deck alone covering an area equivalent to four football pitches.

AUG

yiCt aChieved new heights in 2014

2014


KEY EVENTS

The world’s largest container vessel, MSC Oscar, on its maiden call at YICT on 6 February 2015

DID YOU KNOW?

in 2014, the trust hosted a total of 11,400 visitors on tours of its various ports. that’s more than the populations of the Cook islands and the vatican City combined!

FUN FACT

hit marked its milestone 45th anniversary with a series of celebrations which included a party at its premises in december 2014, and a hit family day in March 2015. More than 1,000 staff members attended the celebration last year, where hit Managing director, gerry yim expressed appreciation for the staff’s hard work and commitment. adding to the festivities, hit’s theme song and a short movie recounting the company’s history were featured.

the hit family day, held on 8 March 2015, attracted almost 5,000 staff members, external contractor workers and their family members bonding amidst the fanfare of game booths and stage performances by hit Music Club, dock schools, Junior police Call (Kwai tsing) and nearby community centres.

YICT received the National Labour Day Award of Merit in UHFRJQLWLRQ�RI�LWV�VLJQLÀFDQW�contributions to China’s social and economic development


DEVELOPING OUR CAPABILITIES

Keeping paCe with industry Changes

long contiguous berths and state-of-the-art equipment have enabled our ports to remain at the forefront of vessel-handling, and we continue to look ahead, with plans to dredge the depth alongside.

the CsCl xin fei Zhou docked at yiCt

LETTER TO UNITHOLDERS

“IT IS ESPECIALLY IN CHALLENGING TImES THAT THE

UNIqUE RESILIENCE OF OUR BUSINESS SHINES THROUGH.”

FoK Kin ning, cAnningChairman

LETTER TO uNIThOLDERS

dear unitholders,

AncHored in A seA oF cHAnge

the global economy in 2014 was weighed down by uncertainties in the Middle east and europe, rising deflation and plunging crude oil prices. as the market leader in one of the world’s busiest trading hubs, it is especially in challenging times that the unique resilience of our business shines through.

the two economies that impact the trust the most – the u.s. and the eurozone – went in opposite directions last year. while consumer spending in the u.s. improved, as reflected in its sustained growth momentum during the fourth quarter and a lower unemployment WFYJ�TK��NS�)JHJRGJW��YMJ�eurozone’s business activities stayed sluggish. Consequently, we observed that outbound cargoes to the u.s. trended upward, while those to the eurozone remained muted. Closer to home, China experienced a slight contraction on the back of weaker domestic demand, but witnessed an unprecedented interest rate cut in november 2014 and March 2015, aimed to encourage growth and lower borrowing costs.

despite significant shifts and uncertainties in trade and the world economy since the trust was established and listed in 2011, we continued to deliver on our promise of stable distributions even though we recognised a one-off non-cash impairment loss of hK$19 billion against goodwill. given its non-cash nature, the impairment did not affect cash flows, and we distributed 41 hong Kong cents for the full year ��FRTZSYNSL�YT��INXYWNGZYNTS�

yield based on the closing price as at 31 december 2014. the trust’s units remain attractive when compared with the average dividend yield offered by sti component stocks.

while the impairment was recognition of the increasingly challenging business environment, our debt and cash positions and the underlying quality of the trust’s assets remain resilient. as a matter of fact, the trust’s port assets outperformed both regionally and within our home markets. in March 2015, we were assigned a ‘Baa1’ issuer rating by Moody’s investors service, and a ‘BBB+’ long-term corporate credit rating by standard & poor’s ratings services. the ratings reflect the trust’s strong market position in the prd and the stable cash flows from our deep-water port operations. with the new ratings, hph trust has more flexibility in accessing the debt market, which provides an alternative source of capital in addition to bank loans. the issuance of guaranteed notes could further improve hph trust’s capital structure and financing flexibility.

Combined throughput at all our IJJU�\FYJW�UTWYX�WTXJ��KWTR�YMJ�year before. against an overall dismal throughput performance across ports in hong Kong, hit, CosCo-hit and aCt registered a commendable ��^JFW�TS�^JFW�NSHWJFXJ��RFNSQ^�due to higher transshipment volume. similarly, throughput at yiCt in 8MJS_MJS�WJHTWIJI�F�WJXUJHYFGQJ��year-on-year rise, against an increase TK��KTW�8MJS_MJS�FX�F�\MTQJ��throughput growth of yiCt was mainly driven by transshipment, u.s. and empty cargoes.


nAVigAting eVer- cHAnging currents

we foresaw global shipping lines racing to improve their competitiveness through increasing economies of scale and efficiency, and anticipated the need to strengthen the trust’s mega-vessel handling and technological capabilities. in recent years, global shipping lines have been expanding their mega-vessel fleet, forming increasingly larger carrier alliances and widening the coverage of vessel-sharing schemes. our ability to ride on this trend has allowed us to capture their business and nurture higher margin revenue streams over the long-run.

Capitalising on this trend, yiCt reinforced its status as the terminal-of-choice for mega-vessels calling at the prd, having most recently handled the 19,224 teu MsC oscar, the world’s largest container vessel to-date. this was on top of calls from another 1,033 mega-vessels in 2014, which fully demonstrated our abilities and efficiencies in servicing mega-vessels.

we have been working hard to overcome physical constraints, reinforcing our customers’ confidence in hong Kong as a reliable port-of-call, as well as strengthening relationships with our staff and port workers. our investment in aCt in 2013 gave us unparalleled access to four contiguous berths when combined with CosCo-hit, driving synergies from our hong Kong assets and increasing our ability to simultaneously handle multiple mega-vessels. our subsequent joint

venture alliance with CosCo pacific limited and China shipping ports development Co., limited in 2014 further cemented a closely aligned partnership to operate the terminal as one contiguous facility, encouraging even more synergies between the trust and its customers.

never resting on its laurels, hit, which celebrated its 45th anniversary in 2014, has also committed a series of investments in operating systems and equipment including two first-of-their-kind barge quay cranes, which have increased efficiency and volume of cargo processed at the terminal. hit was also recognised for its active efforts in employee welfare and eco-consciousness, earning high-profile accolades from the family Council of hong Kong, the Junior Chamber international hong Kong and the world green organisation.

coMPAss Pointing nortH

Certainly, especially in the midst of a lukewarm economy, it is only with the support of our staff, partners, customers and unitholders that we continue to gain momentum to sustainably grow our business over the long-term. i would like to take this opportunity to extend my heartfelt gratitude to these and other stakeholders for their continued faith in the trust and its management team.

looking ahead, the trust expects the economic outlook for the u.s. in 2015 to be favourable, and also foresees a positive outlook for China, given that the Chinese government is committed to sustaining reasonable growth. we are already seeing signs of China contributing a consistently higher proportion to our revenue, KWTR��NS��YT��NS�2014. the eurozone’s economic performance remains challenging

although the european Central Bank has taken on more aggressive stimulus policies to boost its economy. Meanwhile, niche trade routes of far east, africa, Central and south america and oceania are projected to increase moderately in the coming year.

in addition, we see continuing trends in next-generation mega-vessel deployment, carrier alliances and vessel-sharing schemes amongst our customers. our well-built infrastructure, natural deep-water channels and mega-vessel handling capabilities, together with our continued focus, discipline and financial flexibility, will put the trust at a unique advantage to capitalise on these shifts to drive further growth.

as we chart our course for 2015, \J�QTTP�YT�TUYNRNXJ�TZW�UWTǩY�[NF�F�HTRGNSFYNTS�TK�YFWNǨ�NSHWJFXJ�FSI�volume growth. we already have plans to further develop our ports’ facilities to capture additional business, and to streamline our resource deployment and operating processes to derive greater productivity and synergies from existing assets. we believe that these initiatives will build upon our XTQNI�KZSIFRJSYFQX��MJQU�ZX�JǨJHYN[JQ^�navigate the economic challenges ahead and continue to deliver a strong performance for our unitholders.

fOK Kin Ning, CanningChairman


BOARD Of DIRECTORS

BOARD OF DIRECTORS

MR. FOK KIN NING, CANNINGChairman and Non-executive Director

Mr. foK Kin ning, Canning, aged 63, has been Chairman and a non-executive director of the trustee-Manager since february 2011. he is an executive director and group managing director of hutchison whampoa limited (“hwl”), chairman of hutchison telecommunications hong Kong holdings limited (“hthKh”), hutchison telecommunications (australia) limited (“htal”), power assets holdings limited (“power assets”), hK electric investments Manager limited as the trustee-manager of hK electric investments, and hK electric investments limited and co-chairman of husky energy inc. (“husky”). he is also deputy chairman of Cheung Kong infrastructure holdings limited (“CKi”) and a non-executive director of Cheung Kong (holdings) limited (“CKh”). Mr. fok is also alternate director to a director of hthKh. he holds a Bachelor of arts degree and a diploma in financial Management, and is a member of the institute of Chartered accountants in australia.

DR. JOHN EDWARD WENHAM MEREDITHDeputy Chairman and Non-executive Director

dr. John edward wenham Meredith, aged 76, has been deputy Chairman and a non-executive director of the trustee-Manager since february 2011. he is a non-independent non-executive director of westport holdings Berhad and holds senior management positions in other companies within worldwide operations of hutchison port holdings limited (“hph”). dr. Meredith became a non-executive deputy chairman of hph on 1 January 2014. he graduated from the university of southampton

as a Master Mariner and holds an honorary doctor of laws degree awarded by the university of western ontario in Canada. dr. Meredith has received a number of awards and recognitions for his services to the international maritime industry and as a pioneer in containerisation. in august 2013, he was conferred the national decoration of grand officer of the order of vasco núñez de Balboa from the president of panama and in June 2011, he was awarded the Commander of the order of the British empire (CBe) by Queen elizabeth ii.

MR. IP SING CHIExecutive Director

Mr. ip sing Chi, aged 61, has been an executive director of the trustee- Manager since february 2011. he is group managing director of hph since 2014 and chairman of yantian international Container terminals limited. he is also an external director of hyundai Merchant Marine Co., ltd., a non-independent non-executive director of westport holdings Berhad and an independent non-executive director of CosCo pacific limited and China shipping development Company limited. in addition, he was a member of the hong Kong port development Council until the end of december 2014, and was the founding chairman (in 2000-2001) of the hong Kong Container terminal operators association limited. he has over 35 years of experience in the maritime industry. he holds a Bachelor of arts degree.

MR. FRANK JOHN SIXTNon-executive Director

Mr. frank John sixt, aged 63, has been a non-executive director of the trustee-Manager since february 2011. he is also a member of the audit Committee of the trustee-Manager. he is an executive director and group ǩSFSHJ�INWJHYTW�TK�-<1��STS�J]JHZYN[J�

chairman of toM group limited, an executive director of CKi, a non-executive director of CKh, hthKh and power assets, a director of htal and husky. in addition, he is a director of li Ka-shing unity trustee Company limited as trustee of the li Ka-shing unity trust, li Ka-shing unity trustee Corporation limited as trustee of the li Ka-shing unity discretionary trust and li Ka-shing unity trustcorp limited as trustee of another discretionary trust. he is also alternate director to directors of htal. he holds a Master’s degree in arts and a Bachelor’s degree in Civil law, and is a member of the Bar and of the law society of the provinces of Quebec and ontario, Canada.

MR. CHAN TZE LEUNG, ROBERTIndependent Non-executive Director

Mr. Chan tze leung, robert, aged 68, has been an independent non-executive director of the trustee-Manager since february 2011. he is an independent non-executive director of noble group limited, Quam limited and sibanye gold limited. he is also chairman (non-executive) of the hour glass (hK) limited. Mr. Chan is an experienced banker with over 39 years of experience in both commercial and investment banking. he retired as chief J]JHZYN[J�TǫHJW�TK�:SNYJI�4[JWXJFX�Bank, hong Kong on 31 december 2011. he is a senior adviser to long March Capital limited, a fund management company based in Beijing and shanghai in partnership with leading Chinese institutions including the CitiC group and a fellow of the hong Kong institute of directors. he holds a Bachelor of science (econ) hons. and a Master’s degree in Business administration.


1. MR. FOK KIN NING, CANNING2. DR. JOHN EDWARD WENHAM MEREDITH 3. MR. IP SING CHI4. MR. FRANK JOHN SIXT5. MR. CHAN TZE LEUNG, ROBERT6. MR. GRAEME ALLAN JACK

1 2

3 4

5 6

MR. GRAEME ALLAN JACKIndependent Non-executive Director

Mr. graeme allan JaCK, aged 64, has been an independent non-executive director of the trustee-Manager since february 2011. he is also Chairman of the audit Committee of the trustee-Manager. he has extensive experience in finance and audit. he is an independent director of the greenbrier Companies inc., and the independent trustee of hutchison provident fund and the hutchison provident and retirement plan, two trusts established to fund the retirement of hwl group employees. he retired as a partner of pricewaterhouseCoopers in 2006. he holds a Bachelor of Commerce degree and is a fellow of the hong Kong institute of Certified public accountants and an associate of the institute of Chartered accountants in australia.


BOARD Of DIRECTORS

BOARD OF DIRECTORS

7. PROF. MA SI HANG, FREDERICK8. MRS. SNG SOW-MEI (ALIAS POON SOW MEI)9. MR. KEVIN ANTHONY WESTLEY

7

8

9

PROF. MA SI HANG, FREDERICKIndependent Non-executive Director

prof. Ma si hang, frederick, aged 63, has been an independent non-executive director of the trustee-Manager since february 2011. he is a director (independent) of husky, an independent non-executive director of agricultural Bank of China limited, aluminium Corporation of China limited, Mtr Corporation limited and fwd group Management holdings limited. he is also a non-executive director of CofCo Corporation and China Mobile Communications Corporation limited. prof. Ma has extensive experience in the financial services industry and was the secretary for financial services and the treasury of the hong Kong special administrative region (“hKsar”) government between 2002 and 2007. in July 2007, he was appointed secretary for Commerce and economic development and he resigned from the government in July 2008 due to medical reasons. he is a member of the international advisory Council of China investment Corporation and an honorary professor of the school of economics and finance at the university of hong Kong, professor of finance practice of the institute of advanced executive education at the hong Kong polytechnic university and an honorary professor of the faculty of Business administration at Chinese university of hong Kong. prof. Ma received an honorary fellowship from the school of accountancy, Central university of finance and economics in 2010. he is a Justice of peace and was awarded a gold Bauhinia star by the hKsar government in 2009. prof. Ma holds a Bachelor of arts (hons) in economics and history.

MRS. SNG SOW-MEI (ALIAS POON SOW MEI)Independent Non-executive Director and Lead Independent Director

Mrs. sng sow-Mei (alias poon sow Mei), aged 73, has been an independent non-executive director of the trustee-Manager since february 2011. she is also a member of the audit Committee and lead independent director of the trustee-Manager. Mrs. sng is an independent non-executive director of CKi, ara asset Management (fortune) limited and ara asset Management (prosperity) limited. she was conferred the title of ppa(p) - pingat pentadbiran awam (perak), the singapore public administration Medal (silver) by the republic of singapore in 1996. she holds a Bachelor of arts degree.

MR. KEVIN ANTHONY WESTLEYIndependent Non-executive Director

Mr. Kevin anthony westley, aged 66, has been an independent non-executive director of the trustee-Manager since february 2011. he is a non-executive director of the Zuellig group incorporated limited and the hongkong and shanghai Banking Corporation limited. he is also a member of the investment committee of the west Kowloon redevelopment authority. he retired from the hsBC group in 2000 as chairman and chief executive of hsBC investment Bank (asia) limited, and as an advisor to chairman of the hongkong and shanghai Banking Corporation limited at the start of 2013. he holds a Bachelor of arts (hons) degree and is a fellow of the institute of Chartered accountants of england and wales.


SENIOR MANAGEMENT

MR. YIM LUI FAI, GERRY&KLHI�([HFXWLYH�2IÀFHU

Mr. yiM lui fai, gerry has been the Chief executive officer of the trustee-Manager since July 2012. he is also the managing director of hit and a member of the hph trust exco, a committee of executives that determines the strategy for hph trust. Mr. yim was the managing director of the africa, Middle east and americas division of hph and was employed by the hph group from 2003 to 2009 in various senior positions before joining hysan development Company limited, a company listed on the Main Board of the stock exchange of hong Kong limited, in december 2009 as its executive director and subsequently in March 2010 as its chief executive officer. he has also held senior positions in general management, finance, and investment banking at major organisations in hong Kong. he is the chairman of the shipping & port operations group of the employers’ federation of hong Kong and a member of the hong Kong port development Council. he holds a Bachelor’s degree in economics and is a member of the institute of Chartered accountants in england and wales and the hong Kong institute of Certified public accountants.

MR. IVOR CHOW&KLHI�)LQDQFLDO�2IÀFHU�DQG� ,QYHVWRU�5HODWLRQV�2IÀFHU

Mr. ivor Chow has been the Chief financial officer (“Cfo”) of the trustee-Manager since february 2011. he is also in charge of the investor relations function of the trustee-Manager. he is a member of the hph trust exco and executive director of hit. he has been on the board of directors of several hph trust business portfolio assets since 2008.

he previously served as the general manager of the commercial division, the finance director of the south China division, and the chief financial officer of several hph subsidiaries. he holds a Bachelor’s degree in Mathematics and is a Chartered accountant of the institute of Chartered accountants of ontario.

MS. LEE TUNG WAN, DIANA'HSXW\�&KLHI�)LQDQFLDO�2IÀFHU�

Ms. lee tung wan, diana has been the deputy Cfo of the trustee-Manager since february 2011. she is also the finance and legal director and company secretary of yiCt. she held various executive positions at hph. she focused in the financial planning and corporate finance area of the south China division of hph and served as the chief financial officer of several hph subsidiaries. she has also served as director on some of hph trust business portfolio assets’ boards of directors since 2006. she holds a Bachelor’s degree in Commerce and is an associate of the institute of Chartered accountants in australia.

MR. LAM HING MAN, PATRICKManaging Director of YICT

Mr. laM hing Man, patrick is the managing director of yiCt and a member of the hph trust exco. he first joined hit in 1988 and spent the following two decades developing joint-venture projects for hph in China. he held various executive positions at hph. he was previously the general manager of two hph subsidiaries in China, the general manager of human resources at hit and the director of operations and human resources at yiCt. he holds a Master’s degree in international shipping and transport logistics.

MR. YING TZE MAN, KENNETHManaging Director of COSCO-HIT and Deputy Managing Director of ACT

Mr. ying tze Man, Kenneth is the managing director of CosCo-hit, deputy managing director of aCt and a member of the hph trust exco. he has held various executive positions at hph. he was an executive director of hit and the finance director of the south China division of hph. he was a member of the port development advisory group of hong Kong. he is also a member of the hong Kong institute of Certified public accountants and a fellow of the association of the Chartered association of Certified accountants in the united Kingdom.

MR. TANG HIN KEE, EDWARDOperations Director

Mr. tang hin Kee, edward has over 35 years of experience in port operations and is a member of the hph trust exco. he oversees the port operations of hph trust and has been the operations director of hph trust since 2013. he is also the general manager of operations at hit and was the general manager of operations at yiCt prior to his transfer back to hit. he first joined hit in 1979 and held various executive positions at hph. he had successively been the general manager of three hph ports in China. he is a member of hong Kong port operations Committee of Marine department, and Milt member of the Chartered institute of logistics and transport.


view of yiCt from one of the 74 quay cranes at the terminal


SUSTAINING OUR GROWTH

laying the foundations for the future

as we take stock of our performance each year, we look to build on our strengths, and draw lessons from our experience, implementing programmes and plans that will strengthen our operations and nurture our staff.

fINANCIAL REVIEW

FINANCIAL REVIEW

945�1.3*�7*2&.3*)�89&'1*�&3)�oPerAting ProFit greW

hph trust maintained stable revenue and other income of hK$12.6 billion for the full year 2014, amidst a challenging trading environment and the sluggish eurozone economy. this represented F��NRUWT[JRJSY�^JFW�TS�^JFW��although aCt’s revenue and other income has been excluded since 14 March 2014, when the trust began to recognise it as a joint venture by virtue TK�NYX��JKKJHYN[J�NSYJWJXY�NS�&(9�

the overall operating expenses for hph trust, after the inclusion of the net LFNS�FWNXNSL�KWTR�YMJ�INXUTXFQ�TK��JǨJHYN[J�NSYJWJXY�NS�&(9�NS�2FWHM��was hK$8.5 billion for the year. despite higher container throughput, increase in external contractors’ costs and NSǪFYNTSFW^�UWJXXZWJ��YMJ�9WZXY�RFSFLJI�to keep overall operating expenses at F�RNQI�NSHWJFXJ�TK��^JFW�TS�^JFW��after excluding the net gain on disposal TK�&(9��&X�F�WJXZQY��TUJWFYNSL�UWTǩY�\FX�FWTZSI�-0��GNQQNTS��TW��MNLMJW�than full year 2013.

as a result of the changes in the global economic climate, customer demand, and continued challenging trading environment in hong Kong, the

trust recognised a one-off non-cash goodwill impairment loss of hK$19.0 billion allocated to a cash-generating unit (“Cgu”) in hong Kong. as goodwill is an intangible asset, the write-down did not affect the cash flows and hence the distributions. nonetheless, this meant the trust incurred an accounting loss of hK$16.0 billion, and loss attributable to unitholders of hK$17.2 billion.

excluding the goodwill impairment, net profit after tax for the full year ��\FX�T[JW�-0��GNQQNTS��below 2013 due to substantial increase in taxation, while net profit after tax attributable to unitholders was hK$1.8 GNQQNTS��WJUWJXJSYNSL�F��^JFW�TS�year increase.

tHrougHPut rose desPite cHAllenging oPerAting enVironMent

overall, hph trust’s deep-water ports handled 24.2 million teu, ��RTWJ�YMWTZLMUZY�YMFS�NS��in the face of a very challenging operating environment. the combined throughput of hit, CosCo-hit and aCt LWJ\�G^��\MNQJ�YMWTZLMUZY�KTW�>.(9�LWJ\�G^��^JFW�TS�^JFW�

yiCt’s throughput growth was primarily due to growth in transshipment, u.s. and empty cargoes, and as a result of the throughput mix, average revenue per teu for China was slightly lower than 2013. Container throughput LWT\YM�KTW�-.9�\FX��^JFW�TS�^JFW��mainly due to higher transshipment [TQZRJ��GZY�\FX�UFWYNFQQ^�TǨXJY�G^�weaker intra-asia cargoes. average revenue per teu for hong Kong was higher than last year due to favourable throughput mix from liners.

Contributions to the top line by the trust’s China operations continued to be on a consistent uptrend, accounting KTW��TK�YTYFQ�WJ[JSZJ��F��NSHWJFXJ�KWTR�YMJ��NS��

the trust’s reputation as the preferred deep-water ports operator in the prd \FX�HWZHNFQ�NS�XTKYJSNSL�YMJ�JǨJHYX�of the lukewarm economic climate, allowing it to hold steady relative to its peers in terms of throughput.


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hph trust concluded the year with a ��NSHWJFXJ�NS�HFXM�GFQFSHJ��\NYM�F�strong cash position of hK$7.8 billion.

Cash generated from operations was hK$6.7 billion, and net cash from operating activities was hK$5.4 billion, representing a year-on-year increase of ��FSI��WJXUJHYN[JQ^��

similar to the previous year, hph trust has recommended a total payout of hK$3.6 billion in distributions to unitholders for 2014, representing a dpu of 41 hK cents and a distribution ^NJQI�TK��GFXJI�TS�YMJ�RFWPJY�price of us$0.69 on 31 december 2014.

under the conditions of a muted global JHTSTR^��UWZIJSY�HFXM�ǪT\�RFSFLJRJSY�and maintaining stable cash distributions continue to remain at the forefront of the trustee-Manager’s priorities.

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hph trust has a balanced capital XYWZHYZWJ�\NYM�QJ[JWFLJ�TK�FGTZY��short-term debt forms only about a quarter of total consolidated debt. the trust’s total outstanding bank loans amount to hK$33.8 billion, and the majority of them are unsecured. details of the bank loans are set out on page 97 of the annual report.

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looking ahead, u.s. economic outlook for 2015 is expected to be favourable, in line with a strengthening economy, positive consumer spending, and lower unemployment rates. accordingly, outbound cargoes to the u.s. should continue to display an upward trend. China’s economic outlook also remains positive for 2015, as the government has committed to sustaining reasonable expansion, such as cutting interest rates to spur growth.

on the other hand, the european Central Bank has implemented more aggressive policy stimulus to boost the sluggish eurozone economy, as evidenced by

continued weak outbound cargoes to the eurozone. Cargo volume for transshipment and the niche trade routes of far east, africa, Central and south america and oceania is projected to increase moderately.

leading liners continue to form large carrier alliances and strengthen their RJLF�[JXXJQ�ǪJJYX��-5-�9WZXY�\NYM�its well-built infrastructures, natural deep-water channels and mega-vessel handling capabilities, is well positioned to cater to this trend.

Building on its cutting-edge infrastructure and strong fundamentals, hph trust will continue to drive growth by focusing on managing cash ǪT\X�YMWTZLM�FUUWTUWNFYJ�ǩSFSHNSL�arrangements, managing capital expenditure, controlling working capital needs and optimising capital deployment with the objective of providing stable annual distributions to unitholders.

DID YOU KNOW?

if placed end-to-end, the combined length of the container berths at the trust’s ports would be 12,952m, equivalent to more than 15 times the height of the Burj Khalifa, the world’s tallest building!

FUN FACT


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OPERATIONAL REVIEW

A YeAr oF sustAined PerForMAnce

the trust maintained a steady operational record in 2014, and plans to expand the capabilities of its ports. numerous enhancements were completed throughout the year, and many more are on track for completion. these include investments in new equipment at hit in hong Kong, and the establishment of the new yantian haiphong service at yiCt in shenzhen. aside from the various improvements, the trust continued to achieve outstanding operational performance, including breaking the monthly throughput record at yiCt, and servicing a steady stream of mega-vessel calls throughout the year.

in seeking to retain its position as the leading port operator in the prd, and to improve its outstanding operational track record, the trust also undertook a series of initiatives that served to enhance operational efficiency and safety, including programmes and awareness campaigns that reduced accidents. these initiatives provided a solid platform for the trust as it navigated a year filled with changes in both the industry and the global economy.

tHe regionAl leAder in HAndling MegA-Vessels

Mega-vessels continued to remain a prominent fixture throughout the industry, with even larger mega-vessels being deployed in 2014. the trust’s ports remained the regional leader in mega-vessel handling, with their strategically contiguous berths and natural deep-water channels, and the unique capability of simultaneously handling multiple such vessels in the region.

Mega-vessel calls at the trust’s hong Kong ports increased in 2014, with a total of 330 such vessels handled. some of the larger mega-vessels to call at the trust’s hong Kong ports included the CMa CgM Marco polo and CMa CgM Jules verne, both with carrying capacities of 16,000 teu.

OPERATIONAL REVIEW

over in shenzhen, yiCt once again serviced some of the largest mega-vessels. yiCt received a total of 1,033 mega-vessels in 2014, including the CsCl globe, with a carrying capacity of 19,100 teu, and the world’s first lng-ready mega-vessel, the 14,500 teu sajir. in early 2015, yiCt welcomed the world’s largest mega-vessel, MsC oscar, with a carrying capacity of 19,224 teu, at 395.4 metres in length and 59 metres wide.

enHAncing oPerAtions tHrougH tecHnologY And sAFetY

in 2013, there were 16 container berths and 65 quay cranes spreading across the trust’s ports in hong Kong. in 2014, hit took delivery of two additional barge quay cranes, the first of their kind in southern China, bringing the total number of quay cranes at the trust’s hong Kong ports to 67. the barge cranes, with a lifting height of 18 metres and a maximum loading weight of 35 tonnes, are capable of handling containers stacked seven rows across; and allow hit to service the largest barges currently in service.

at aCt and CosCo-hit, the control towers of both terminals were integrated in June 2014, enabling

seamless connectivity between both terminals. following the commencement of the strategic partnership between (48(4�5FHNǩH�FSI�(89)�NS�2FWHM� 2014, the combined berth length of terminal 8 amounted to 1,380 metres, the longest in hong Kong, and enable aCt and CosCo-hit to jointly service 3 mega-vessels with carrying capacities larger than 13,000 teu simultaneously. improvements were also made to 25 bollards at aCt, enhancing the terminal’s berthing capacity from 50 tonnes to 150 tonnes.

the trust also took steps to improve operational safety through the launching of various initiatives in 2014 that reduced accidents and injuries. these initiatives included safety programmes, which focused on stevedore safety and vessel lighting, as well as safety awareness campaigns, which included the hph trust safety Quiz, and a slogan and logo competition. throughout the year, safety talks were held at the terminals to enhance awareness of various topics such as first aid and port traffic safety.


7&.8.3,�5:'1.(�&<&7*3*88�43� Port oPerAtions

throughout the past year, around 11,400 visitors were invited for guided tours at the trust’s port facilities, and for meetings with management. these included visitors from government delegations, customers, students as well as others who sought to better understand how the trust’s ports operate.

strengtH in tHrougHPut PerForMAnce

Combined throughput of the trust’s hong Kong ports was 12.5 million teu for 2014. hit, CosCo-hit and aCt together recorded an average of 188 weekly shipping line services by trade routes. this was a direct benefit of hong Kong’s free port status and the city’s position as a globally-recognised transshipment hub.

yiCt once again achieved outstanding throughput volumes in 2014. this included the handling of more than 1 million teu each month for five consecutive months, from July to november 2014. among these was a record-breaking august throughput of 1,212,357 teu, surpassing its previous record of 1,114,297 teu set in 2012. the new record is symbolic of the

expansive capabilities of the port, the IJINHFYNTS�TK�NYX�XYFǨ��FSI�YMJ�JǫHNJSH^�of its practices. interestingly, yiCt also handled its 123,456,789th teu in early 2015. the milestone was recognised as an auspicious event for the port, but also highlighted the port’s unquestionable TUJWFYNTSFQ�JǫHNJSH^��LN[JS�YMFY�NY�handled its 100 millionth teu a mere two years prior. these achievements brought yiCt’s overall throughput for the year to 11.7 million teu.

9MJ�9WZXY�J]UJHYX�XNLSNǩHFSY�NSHWJFXJ�in handling capability upon completion of three additional deep-water berths at west port phase ii. yiCt also has a network of 92 weekly shipping line XJW[NHJX�G^�YWFIJ�WTZYJX��FS�FǫWRFYNTS�of its position as the leading origin & destination (“o&d”) cargo hub in the region and as the gateway to guangdong, one of the densest manufacturing regions in the world.

looKing toWArds tHe Future

the trust capitalises on its position as a leading regional port operator, with its advanced infrastructure, natural deep-water channels and long contiguous berths, to raise throughput volumes and increase customer satisfaction. operationally, plans have been put in place to ensure that best practices are retained and continuously improved

upon, and that lessons learned from operational experience are shared across all of the trust’s ports. an initial step in this process is the launch of a cross-departmental project at hit, that aims to continually and systematically evaluate and improve on operational efficiency.

the trust is confident that its port facilities will remain best-in-class, by capitalising on advanced technologies, and improving the skills of its workforce. the ability to adapt to the rapidly changing industry trends enables the trust to overcome all challenges and maintain its renowned stability, and to look toward the future with sound, effective plans.


1. STAKEHOLDER ENGAGEMENT

throughout the year we interacted with many different stakeholders, including unitholders, customers, suppliers, financial institutions, and our very own employees. with each group, we aim to identify their individual concerns, and work with them to foster a strong, dynamic professional relationship. Communication is an essential aspect of business and we continually seek to strengthen our established networks with the various stakeholder groups.



1.1 unitHolders

over the years, the trust’s investor base has gone from strength to strength. Maintaining frequent communication with our investors is a core aspect of our operations, and we actively engage with unitholders and the financial community during the course of the year through quarterly financial updates, results briefings, global non-deal roadshows, industry conferences and various investor outreach events.

1.2 custoMers

we count all of the world’s top carriers amongst our customers, and work hard to meet their needs under the changing industry dynamics, to ensure the best overall customer experience possible.

daytime aerial view of yiCt


YICT Customer Communication Sessionin June 2014, yiCt held a Customer Communication session focusing on recent innovative developments at the port. around 200 attendees participated in the session, including cargo owners, freight forwarders and representatives from shipping lines, warehousing enterprises and port authorities. during the session, yiCt representatives shared with customers the terminal’s latest port facility upgrades to extend mega-vessel handling capabilities, faster clearance procedures, and auto- gate project.

1.3 eMPloYees

our employees form the core of our business and operations. over the years, we have nurtured many employees and enabled them to carve out successful careers with us. we recognise how essential they are to the organisation, and believe that training and dialogue are key to maintaining a committed, JǨJHYN[J�\TWPKTWHJ�

Shenzhen Quay Crane Operating Event8YFǨ�KWTR�>.(9�UFWYNHNUFYJI�NS�YMJ�shenzhen Quay Crane operating event, MJQI�NS�/ZQ^��&RTSL�YMJ�XYFǨ�\MT�YTTP�UFWY��XJ[JS�ǩSNXMJI�NS�YMJ�YTU�ten, with the top four places going to

yiCt employees. the event was part of the 8th shenzhen vocational skills Competition and in which a total of 63 contestants from shenzhen’s major container terminals took part.

hIT Children Scholarshiphit once again held a ceremony to present scholarships to recipients of the 2014 hit Children scholarship award. the scholarship recognises children of employees who have achieved outstanding academic results in their secondary education. Candidates for the scholarship were evaluated by a panel comprising managers from different departments who evaluated their academic results in public exams, and other non-curricular achievements.

Vocational Skills Competition in late 2014, the national vocational skills Competition for the transport industry was held at yiCt. the annual event, which tests the vocational skills of various groups within the transport industry, focused on the port sector for the first time, and attracted approximately 3,000 contestants. the event had competitions covering quay crane and forklift operations. Quay crane operators had to demonstrate the stability and accuracy of their control over the hoist, while forklift operators had to demonstrate stability, accuracy and speed. the competition also included written theory tests.

after a grueling test of both their operational and theoretical knowledge, representatives from yiCt were crowned champions of both the quay crane and forklift segments. Crane operators from yiCt also clinched the second and third places in their category, while forklift operators came in first, fourth and seventh. the combined results of the yiCt participants enabled the shenzhen port delegation to win the overall group championship.

recipients of the hit Children scholarship with Mr. gerry yim, Ceo of hph trust

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1.4 suPPliers And Vendors

when selecting vendors and suppliers, the trust adheres to a standard policy devised to provide a holistic assessment of the vendor or supplier, including their quality of services and products, past performance and financial position.

Vendor forum at YICTin august 2014, lowe’s, a leading home improvement retailer, hosted a vendor forum at yiCt. the forum attracted around 120 suppliers of the brand’s furniture, home decorations and landscaping products from southern China, and representatives from yiCt were also present at the forum to introduce terminal operations, container rail services and port clearance procedures.

lowe’s has been a valued client of yiCt for the past 15 years, relying on the terminal’s position as a global gateway to deliver its products to the americas and europe. with the region’s most extensive weekly sailings to the americas and europe, yiCt continues to provide a wide variety of logistics support services to lowe’s and many other customers.

9th China (Shenzhen) International Logistics and Transportation fairyiCt was a participant at the 9th China (shenzhen) international logistics and transportation fair (“Cilf”), held in october 2014 at the shenzhen Convention and exhibition Centre. Cilf is an ideal platform for yiCt to introduce its services and the latest developments to

shipping lines, cargo owners, freight forwarders, third-party logistics advisors and government officials. at the event, yiCt promoted its status as a preferred port-of-call for mega-vessels and highlighted other programmes available at the terminal, such as its new port clearance initiatives, which ensure efficient terminal operations.

�� ,4;*732*39we understand that respecting legal frameworks within our operating jurisdictions is key to smooth, long-term operations. we maintain constant contact with regional authorities and ensure compliance with the latest laws and regulations.

2. WORKPLACE QUALITY

our staff carry out their daily duties across a diverse range of working environments. whether it involves guiding vessel operations from within a command centre, moving containers through a quay crane, or repairing a forklift in a workshop, we recognise that a healthy working environment is a top priority. ensuring that all employees can carry out their tasks in a safe and efficient manner is the basic step towards improving employee satisfaction, which in turn benefits productivity levels and service standards.

2.1 WorKing conditions

-.9ǆX�SJ\�XYFǨ�HMFSLNSL�WTTRthe frontline staff changing room renovation project at hit was

completed in July 2014, and the official re-opening of the facilities was marked by a ceremony involving staff and management of hit. the renovation was part of a series of yard improvement initiatives launched in 2013, giving the changing rooms at hit a new lease on life.

2.2 HeAltH And sAFetY

hIT launched “Live a Better Life” programme in September 2014in an effort to encourage a healthy lifestyle among employees, the human resources department of hit rolled out the “live a Better life” programme, beginning in september 2014. this initiative encompasses themes like raising awareness about exercise, a healthy diet, the importance of medical check-ups, low carbon living, and simple steps to preventing chronic diseases such as high blood pressure.

-.9�XYFǨ�\TS�YMJ�8NQ[JW�&\FWI�FY�YMJ�2014 Best Occupational Safety and health Employee Awards&�XYFǨ�RJRGJW�TK�-.9ǆX�JSLNSJJWNSL�department, wong pak Ki, received the silver award for the individuals Campaign in the 2014 Best occupational safety and health employee awards organised by the occupational safety & health Council together with the labour department.

the award aims to raise awareness of safety and health in the workplace, and rewards employees who fosterthe development of occupational safety and health. the award presentation ceremony was held on 28 april 2014, with Mr. Matthew Cheung Kin-chung, gBs, Jp, secretary for labour and welfare of hKsar, as the guest-of-honour.

Opening of the Yantian Maritime Safety Administration Inspection Yardthe yantian Maritime safety &IRNSNXYWFYNTS�.SXUJHYNTS�>FWI�TǫHNFQQ^�opened on 11 June 2014, and is China’s ǩWXY�NSXUJHYNTS�^FWI�IJINHFYJI�YT�handling containerised dangerous cargo. located at yiCt’s west port, the yard marks a new phase in yiCt’s ability to handle dangerous cargo and enhances both its service levels and competitive strengths.


>.(9�XYFǨ�RJRGJWX�FY�YMJ��th China (shenzhen) international logistics and transportation fair


hIT signed Kwai Tsing Safety and health Charterhit assistant general Manager of operations, franco ning, signed the Kwai tsing safety and health Charter on 27 June 2014, declaring the terminal’s commitment to continue promoting safety and health in the district. Kwai tsing is the first “safe Community” designated by the occupational safety & health Council (“oshC”), and was the first district in hong Kong to receive the title in 2003.

hIT Safety Slogan and Logo Competitionhit’s safety and health Committee’s safety

slogan and logo Competition drew overwhelming response, with nearly 300 submissions from both hit staff and external contractor staff. prizes were presented on 30 June 2014, and the winning entries were printed as banners and displayed in various locations around the yard and office buildings.

hit also has a number of other programmes to enhance frontline staff’s awareness of occupational safety and health issues, such as safety videos, an occupational safety and health “innovative incentive plan”, a safety quiz, and other regular activities such as safety talks and inspections.

-.9ǆX�FSSZFQ�ǩWJ�IWNQQhit conducted its annual fire drill in collaboration with the hong Kong fire services department on 29 october 2014. this year’s scenario involved a simulation of a tractor carrying a 20-foot container that was on fire, with the driver (simulated by a dummy) trapped inside the cab.

2.3 deVeloPMent And trAining

we are committed to nurturing and developing our employees, giving them opportunities to grow with the company. to this end, we provide TZW�XYFǨ�\NYM�F�[FWNJY^�TK�QJFWSNSL�opportunities, such as training courses, thematic seminars, sharing sessions, vocational-based workshops and web-based learning. in January 2014, we established a new training Centre, situated at terminal 8 west, for conducting technical training programmes, generic skills and people management programmes. internally, we facilitate job rotations KTW�YFQJSYJI�XYFǨ�YT�\NIJS�YMJNW�J]UTXZWJ�YT�INǨJWJSY�KZSHYNTSX�\NYMNS�the organisation. it is our goal to retain and develop home-grown expertise to maintain our leading market position.

2.4 recruitMent And ProMotion

a key aspect of our operations is to ensure that we have a reliable, skilled workforce for the long-term success of our business. we regularly

review operational requirements and employment practices, and seek to recognise the commitment and abilities of our employees through promotions and other incentive programmes.

hph trust is an equal opportunity employer, with employees progressing along a well-established and transparent grading structure. we \JQHTRJ�FUUQNHFYNTSX�KWTR�FQQ�VZFQNǩJI�candidates, and frequently participate in job fairs and campus talks with the aim to attract young talent.

3 SUSTAINABILITY AND ENVIRONMENTAL PROTECTION for the trust, conducting our operations in an environmentally-conscious way is not simply about completing a checklist. it is a key area of focus in how we do business at all our terminals. we have set and will continue to maintain a good track record particularly in energy JǫHNJSH^��UTQQZYNTS�UWJ[JSYNTS��JRNXXNTSX�reduction, operational sustainability and environmental protection.

Indoor Air Quality ,TTI�(QFXX�(JWYNǩHFYJon 25 february 2014, hit was presented with the indoor air Quality (“iaQ”) good Class Certificate for tower 1 and 2, and several floors at tower 3 and 4. the award recognises hit’s efforts in implementing good iaQ practices, and maintaining good air quality inside its office buildings.

hIT renewed its ISO 14001 environmental management X^XYJR�HJWYNǩHFYNTShit successfully renewed its iso 14001 environmental management system certification, after completing a full audit on 3 and 4 June 2014. the iso 14001 system provides practical tools for companies to identify and control the environmental impact of their operations, and to constantly improve their environmental performance. hit was first certified in 2011.

+NWJǩLMYJWX�KWTR�YMJ�-TSL�0TSL�+NWJ�8JW[NHJX�)JUFWYRJSY�HTQQFGTWFYJI�\NYM�-.9�KTW�NYX�FSSZFQ�ǩWJ�IWNQQ



>.(9�WJQJFXJI�ǩSLJWQNSLX�FY�2NWX�'F^yiCt, together with yantian port group, WJQJFXJI�T[JW��ǩSLJWQNSLX�NSYT�its surrounding waters at Mirs Bay on 22 July 2014. the event, which began in 2009 and is now in its sixth year, has WJQJFXJI�T[JW��RNQQNTS�ǩXM�FSI�XMWNRU�ǩSLJWQNSLX�NSYT�YMJ�UTWYǆX�\FYJWX��FSI�contributes to yiCt’s commitment to its “green port” practice.

hIT Environmental Weekas part of hit’s environmental week, the terminal launched a two-day event on 23 october 2014 at its sports Centre, which was decorated with display boards about hit’s numerous environmental programmes and initiatives. an auction selling second-hand and new goods raised nearly hK$23,000 for a local hospital. an environmental awareness [NIJT�\FX�FQXT�XHWJJSJI��FSI�XYFǨ�\JWJ�given souvenirs of home-made soap and cleaning spray made from recycled items.

-.9�MJQI�LWFǫYN�\TWPXMTUhit held the city’s first-ever graffiti art project in a container terminal on 23 september 2014, in conjunction with the warehouse teenage Club, a local non-governmental organisation. staff from the trust’s business units and external contractors, as well as their families and friends, were invited to participate in the graffiti workshop to promote recycling. the rubbish bins were placed around the yard, and usage of these bins have increased significantly since then.

a second graffiti workshop was organised on 31 January 2015, for the students from CCC yen Ching College, ive tsing yi and ive Kwai Chung and members of the public. the workshop was led by famous professional graffiti artist “uncle”, who together with


participants painted seven rubbish bins which were also placed around hit’s container yard.

hIT received an incentive from CLP Group for its commitment to working together for emissions reductionClp group, a local utility company in hong Kong, gave hit an incentive cheque for its cooperation on load reduction during the peak demand hours from June to october 2014. throughout the exercise, Clp did not need to operate its standby turbine to serve the peak period. as a result, no carbon emissions were generated by this standby turbine.

COSCO-hIT acquired new LPG-powered forklift CosCo-hit purchased its ninth new QNVZJǩJI�UJYWTQJZR�LFX� ǈ15,ǉ��KTWPQNKY��which is a more environmentally-friendly option than the traditional diesel-powered one. since phasing out diesel-powered forklifts three years ago, CosCo-hit has only purchased lpg-fueled forklifts.

4 OPERATING PRACTICES

given the scale of our operations, the trust has in place stringent frameworks and processes that ensure smooth, uninterrupted operations. periodic reviews are carried out to ensure that all practices maintain the highest levels of safety, security and efficiency, and that all certifications and guidelines are up-to-date.

DID YOU KNOW?

the trust employs a total of 4,300 full-time staff at its ports, enough to fill almost 35 double-decker buses!

FUN FACT

4.1 suPPlY cHAin MAnAgeMent

in our interactions with and selection of vendors, the trust adheres to a strict framework and stringent series of protocols. assessments of vendors are done in a fair and unbiased manner, with the entire tender process clearly communicated to each potential vendor. we also ensure that appropriate channels are established with our stakeholders, to facilitate transparent communication and swift reporting of any suspected improprieties.

-.9�XYFǨ�FSI�YMJ�RFSFLJRJSY�YJFR�FY�YMJ�QFZSHM�TK�-.9ǆX�*S[NWTSRJSYFQ�<JJP

7ZGGNXM�GNSX�\JWJ�UFNSYJI�IZWNSL�-.9ǆX�LWFǫYN�workshop, and placed around the container yard


the trust takes a strong anti-corruption and anti-fraud stance, which is an important part of its overall governance framework. assets and YMJ�MFWI�JFWSJI�UWTǩYX�TK�:SNYMTQIJWX�are key priorities of the trust and we dedicate adequate resources to ensure that they are safeguarded.

�� 3:79:7.3,�4:7�>4:9-��hIT presented study incentive to Dock School studentshit presented “study incentive” awards to students at the graduation ceremony of its dock school, the tsuen wan trade association school, on 27 June 2014. the award is presented to the top three students in each grade, and is designed to encourage the students to excel in their studies.

hIT presented awards to Dock School final Year Project Competition winnerson 3 July 2014, hit Managing director gerry yim presented awards to the winning teams of the final year project Competition, which is part of its dock school programme. the top three of a YTYFQ�TK��YJFRX�WJHJN[JI�HJWYNǩHFYJX�and incentive awards for their projects, in which they were tasked to focus on a INǨJWJSY�HTSYFNSJW�UTWY�ZXNSL�YMJ�YMJRJ�“Maritime transport Management”. the dock school programme aims to promote the maritime industry as a career option for students.

Kwai Tsing District Youth Community Service Competitionthe Kwai tsing district youth Community service Competition organised an oath-taking rally on 17 october 2014. the competition aims to boost teenagers’ awareness of social responsibility and encourage their contributions to the

4.2 custoMer Protection

technology is key to the way the trust operates and interacts with customers, and it is therefore crucial to safeguard how it is used with respect to data privacy and integrity of intellectual property. we implement strict data protection RJHMFSNXRX�YT�JSXZWJ�YMJ�HTSǩIJSYNFQNY^�of our customers’ information.

4.3 Anti-corruPtion

in establishing a strong internal control framework, stringent policies and a vigorous enforcement regime, the trust has put in place a series of measures against corruption and fraud.

the executive management set a tone of zero-tolerance on corruption and KWFZI��8ZHM�F�XYWTSL�XYFSHJ�NX�WJǪJHYJI�in the trust’s policy on the subject which is communicated to all employees. to reinforce and remind third-party suppliers of this position, the trust has incorporated suitable clauses into its XZUUQ^�HTSYWFHYX��FSI�XZHM�JǨTWYX�FWJ�further strengthened by our internal audit function.

when there is an incident or suspected incident of corruption or fraud, we will initiate a review of the matter immediately. furthermore, cases belonging to certain criteria are brought to the attention of the audit Committee and executive management, and thoroughly investigated by our internal auditors. we have also established whistle blower channels for anonymous reports on suspected or actual irregularities or misdeeds. the trust also cooperates fully with law enforcement agencies in any of their investigations.

community. this is the 17th year that hit has participated as a sponsor, and a total of 22 teams joined the event.

hIT sponsored logistics contest for secondary school studentson 22 november 2014, hit sponsored the secondary school Contest organised by the hong Kong institute of vocational education tsing yi. this event is a quiz about general knowledge of the logistics industry, with the aim of encouraging students to consider logistics as a future career. students who joined the contest had a chance to visit hit and learn more about the logistics industry. hit has been supporting this event since 2009.

Partner Employer Award for hITon 29 november 2014, hit received the partner employer award from the hong Kong general Chamber of small and Medium Business. the award recognises -.9ǆX�TǨJW�TK�XZRRJW�NSYJWSXMNUX�FSI�OTG�opportunities to local college students. Mr. Matthew Cheung Kin-chung, gBs, Jp, secretary for labour and welfare of hKsar, was the presenter of the award.

first ever hIT Scholarship for outstanding studentshit launched the inaugural hit 8HMTQFWXMNU�\MNHM�TǨJWX�ǩSFSHNFQ�XZUUTWY�to outstanding students pursuing a higher diploma in logistics & transport operations at hKu spaCe Community College. the start your Journey @ port programme was also launched for students pursuing a higher diploma in logistics & transport operations and engineering. the programme encompasses lectures, placements, scholarships, and terminal visits aimed at enhancing students’ industry knowledge, and nurturing a passion for developing careers in logistics.

5 EDUCATION AND COMMUNITY INVOLVEMENT

the local communities are the lifeblood of the locations in which we operate. as good corporate citizens, we aim to create a positive impact by nurturing the youth, supporting the elderly, and providing opportunities for employment in the various locations. every year, our employees volunteer outside of their work schedules to organise and participate in a host of activities aimed at contributing back to the society.

hit summer interns presenting their case study



hIT summer interns presented case studythis year’s summer interns at hit were presented with the case study topic “live a better life at hit”. a total of 22 interns were divided into three groups, JFHM�KTHZXNSL�TS�F�INǨJWJSY�YTUNH��the food pyramid, a low carbon diet, FSI�TWLFSNH�KTTI��9MJNW�ǩSINSLX�\JWJ�presented to other colleagues through email tips, display boards and game GTTYMX�FWTZSI�YMJ�TǫHJ��9MJ�NSYJWSX�underwent eight weeks of apprenticeship.

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>.(9�XYFǨ�[NXNYJI�JQIJWQ^�WJXNIJSYX�during Lunar New Year>.(9�XYFǨ�IJQN[JWJI�1ZSFW�3J\�>JFW�greetings and gifts to the elderly residents of the yantian district welfare Centre on 30 January 2014. they also decorated the centre with red lanterns and paper-cut artwork to create a festive atmosphere.

YICT volunteers celebrated Seniors’ Day with elderly residentson 28 september 2014, yiCt volunteers FSI�XYFǨ�WJUWJXJSYFYN[JX�FYYJSIJI�F�party to celebrate seniors’ day with the elderly residents of the yantian district 8THNFQ�<JQKFWJ�(JSYWJ��>.(9�XYFǨ�GWTZLMY�towel sets and stewing pots as gifts for the residents, and received a plaque to HTRRJRTWFYJ�YMJNW�JǨTWYX�

ACT and COSCO-hIT visited elderly homesvolunteers from aCt and CosCo-hit joined the senior Citizen home safety association on two occasions in July and november 2014, to visit the elderly who use the personal emergency link service. volunteers ensured that the elderly understood how to and were able to properly use the service; and briefed them on home safety and security measures.


DID YOU KNOW?

the average lifespan of a quay crane at any of the trust’s ports is about 35 years, slightly shorter than the amount of time that the twin spacecraft voyager 1 and voyager 2 have been traveling through space, since their launch in 1977.

FUN FACT

Cho Yiu Elderly health Centrehit continued to support south Kwai Chung service Centre in opening the Cho yiu elderly health Centre on 15 december 2014, which was hosted by Chow yik hay, general secretary of south Kwai Chung service Centre. the centre serves as a meeting ground for the elderly to learn about health, diet as well as the use of and access to exercise equipment. in a bid to free up resources in the healthcare system, patients who have been discharged from hospital can receive follow up service of their cases at the centre.

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Caring Company Logoon 28 february 2014, the hong Kong Council of social services awarded the Caring Company logo to hph trust member companies. hit received the 10 year plus Caring Company logo and aps received the 5 year plus Caring Company logo; hutchison logistics (hK) was also awarded the Caring Company logo.

Care and Consideration Award for hIThit received the Care and Consideration award from the social welfare department in March 2014. the award WJHTLSNXJX�YMJ�JǨTWYX�TK�-.9ǆX�[TQZSYJJWX�and their commitment towards the elderly. over the years, hit’s Community Caring group has organised numerous activities for elderly people living in the Kwai tsing and tsuen wan districts, including house cleaning, tours, and festival parties.

hIT participated in Anti-Drug and Crime Carnivalon 2 november 2014, hit took part in an anti-drug and Crime Carnival organised by the hong Kong new territory south police at the Kwai Chung sports ground. -.9�\FX�UWJXJSYJI�\NYM�F�HJWYNǩHFYJ�recognising its commitment to the community, and its game booth design won second prize.

&�>.(9�XYFǨ�RJRGJW�UWJXJSYNSL�LNKYX�YT�JQIJWQ^�WJXNIJSYX�TK�YMJ�>FSYNFS�)NXYWNHY�<JQKFWJ�(JSYWJ


INVESTOR RELATIONS

we view sustained communication with our stakeholders as an essential component of good corporate governance. practices such as the timely provision of information, participation in investor conferences, and reaching out to various research houses, have allowed the trust to develop strong long-term relationships with our key investors. our investor relations team continues to facilitate JǨJHYN[J�FSI�RJFSNSLKZQ�HTS[JWXFYNTSX�between the trust and our stakeholder groups through various initiatives and communication channels.

FinAnciAl results And corPorAte literAture

all announcements, whether related to our financial results or corporate developments, are published in a timely manner on both our corporate website (www.hphtrust.com), as well as on the online portal of the sgx, sgxnet. our website also allows both current and potential stakeholders to register for individual email notifications, which are automatically disseminated upon release of the announcements. where relevant, these are also simultaneously distributed to the media, ensuring accessibility via a number of sources.

we also publish our annual report at the end of each financial year, by april of the following year. this is made available on both sgxnet as well as our website, and is also distributed to stakeholders in Cd-rom or printed format. all corporate announcements and the trust’s published annual report can be accessed through the “investor Centre” section of the hph 9WZXY�HTWUTWFYJ�\JGXNYJ� MYYU��\\\�hphtrust.com/investor_home.html).

from time to time, and particularly in conjunction with the release of financial results, management organises physical briefings for analysts, fund managers, equity stake representatives, unitholders and various other investor groups. for those unable to attend, management may also arrange teleconferences with either small groups or individual investors. during these briefings and teleconferences, management provides updates on the business, as

unitholders at hph trust’s agM in singapore in 2014

well as the outlook for the trust and the industry as a whole. the largest of these is the annual general Meeting (“agM”), which is held in singapore each year, following the release of our full year results.

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.S�QNSJ�\NYM�JǨTWYX�YT�KTXYJW�LTTI�relationships and maintain open dialogue with the global investor community, management regularly participates in investor conferences, small group, one-on-one meetings and non-deal roadshows.

in 2014, the trust met with over 200 analysts and investors from around the world, in both individual dialogues and larger group events such as investor conferences. we also attended roadshows and key investor conferences spanning hong Kong and singapore, and various cities across Japan, europe and u.s. these include Barclays asia’s infrastructure and transportation Corporate day, dBs’s pulse of asia Conference, deutsche Bank’s 5th annual dbaccess asia Conference, hsBC’s 8th annual shipping Conference, and Morgan stanley’s 13th &SSZFQ�&XNF�5FHNǩH�8ZRRNY�

reseArcH coVerAge

senior management and the investor relations team maintain close contact

with research houses since the trust was listed in 2011. this ensures that investors have easy and timely access to research and analyst reports, which are key to keeping them abreast of the trust’s ongoing operational progress and ǩSFSHNFQ�UTXNYNTS��

there are currently approximately 15 research houses covering the trust, including Barclays, Citi research, Clsa, Credit suisse, dBs vickers, deutsche Bank, goldman sachs, hsBC, /JǨJWNJX��/�5��2TWLFS��2FHVZFWNJ��2JWWNQQ�lynch, uBs, uoB Kay hian and value investment principals.

site Visits

Management periodically conducts guided tours of the trust’s facilities, to provide analysts and interested investors with an in-depth look at our operations. we welcome all interested parties to our port, and regularly host vips, foreign and local dignitaries, and RNSNXYW^�TǫHNFQX�TS�YTZWX�TK�TZW�KFHNQNYNJX��

in 2014, some notable visitors included his excellency dr. ahmed Mohammed salem al futaisi, Minister of transport and Communications from sultanate of oman; Mr. sun weon-pyo, president of yeosu gwangyang port authority from Korea; Mr. li Bing, Chairman of yantian port group from shenzhen, and Mr. tsuyoshi takagi, senior vice-Minister of land, infrastructure, transport and tourism of Japan.


CORPORATE INfORMATION

CORPORATEINFORMATION

TRUSTEE-mANAGERhutchison port holdings Management pte. limited(incorporated in the republic of singapore with limited liability)

BOARD OF DIRECTORSChairman and Non-executive DirectorMr. foK Kin ning, Canning, Ba, dfM, Ca (aus)

Deputy Chairman and Non-executive Directordr. John edward wenham Meredith, CBe, lld (hon.)

Executive DirectorMr. ip sing Chi, Ba

Non-executive DirectorMr. frank John sixt, Ma, lll

Independent Non-executive Director and Lead Independent DirectorMrs. sng sow-Mei (alias poon sow Mei), Ba, ppa(p)

Independent Non-executive DirectorsMr. Chan tze leung, robert, Bsc (econ), MBaMr. graeme allan JaCK, BCom, Ca (aus), fhKiCpaprof. Ma si hang, frederick, Ba, gBs, JpMr. Kevin anthony westley, Ba, fCa, BBs

AUDIT COmmITTEEMr. graeme allan JaCK (Chairman)Mr. frank John sixtMrs. sng sow-Mei (alias poon sow Mei)

REGISTERED OFFICE50 raffles place#32-01 singapore land towersingapore 0486239JQJUMTSJ�� +F]��

COmPANY SECRETARYMs. liM Ka Bee

UNIT REGISTRAR AND UNIT TRANSFER OFFICEBoardroom Corporate & advisory services pte. ltd.50 raffles place#32-01 singapore land towersingapore 0486239JQJUMTSJ�� +F]��

AUDITORpricewaterhouseCoopers llp8 Cross street#17-00 pwC Buildingsingapore 0484249JQJUMTSJ�� +F]��

5FWYSJW�NS�HMFWLJ��2W��84-�0TP�1JTSL)FYJ�TK�FUUTNSYRJSY��+JGWZFW^��

PRINCIPAL BANKERSdBs Bank ltdBank of China ltdChina Construction Bank Corporationindustrial and Commercial Bank of China ltdstandard Chartered Bank (hong Kong) ltdthe hongkong and shanghai Banking Corporation ltd

CORPORATE DIRECTORY(TRUFS^�7JLNXYWFYNTS�3T��<<JGXNYJ��\\\�MUMYWZXY�HTR


CORPORATEGOVERNANCE REPORT

hph trust is a business trust constituted under the Business trusts act, Chapter 31a of singapore (“Bta”). hutchison port holdings Management pte. limited (“trustee-Manager”) as the trustee-manager of hph trust is responsible for managing the business of hph trust as defined in the deed of trust dated 25 february 2011 and the first supplemental deed dated 28 april 2014 (collectively, “trust deed”).

the trustee-Manager strives to attain and maintain high standards of corporate governance best suited to the needs and interests of hph trust group companies (“group”) as it believes that effective corporate governance practices are fundamental to safeguarding interests of unitholders and other stakeholders and enhancing unitholder value. accordingly, the trustee-Manager has adopted and applied corporate governance principles that emphasise a quality Board of directors (“Board”), effective internal controls, stringent disclosure practices, transparency and accountability. it is, in addition, committed to continuously improving these practices and inculcating an ethical corporate culture.

the Board sets out in this report the corporate governance principles and practices in place for the year ended 31 december 2014 in reference to the Bta, the Business trusts regulations 2005 (“Btr”) and the Code of Corporate governance 2012 (“Code”).

hph trust has complied throughout the year ended 31 december 2014 with all the principles and guidelines of the Code, where applicable.

BOARD MATTERS

9MJ�'TFWIǆX�(TSIZHY�TK�NYX�&ǨFNWXPrinciple 1

the Board, which is accountable to unitholders for the long-term performance of hph trust, is responsible for directing the strategic objectives of hph trust and overseeing the management of the business. directors are charged with the task of promoting the success of hph trust and making decisions in the best interests of hph trust with due consideration on sustainability issues. the Board has established a framework for the management of hph trust, putting in place all relevant internal controls and risk management processes.

the Board, led by the Chairman (non-executive), Mr. fok Kin ning, Canning, determines and monitors group-wide strategies and policies, annual budgets and business plans, evaluates the performance of hph trust, and supervises the management of hph trust (“Management”). Management is responsible for the day-to-day operations of the group under the leadership of Mr. yim lui fai, gerry, the Chief executive officer (“Ceo”).

the Board has established an audit Committee to assist it in discharging its responsibilities.

the Board meets at least once every quarter with all Board and Board Committee meetings and the annual general Meeting dates scheduled well in advance, in consultation with the Board. among other things, the Board approves the quarterly and full-year financial results for release to the singapore exchange securities trading limited (“sgx-st”) and material transactions requiring announcements under the listing Manual of the sgx-st. as and when necessary, Board meetings are also supplemented by resolutions circulated to directors for decisions.

the trustee-Manager has adopted and documented internal guidelines setting forth matters reserved for Board approval ǈ7JXJW[JI�2FYYJWXǉ��9MJ�7JXJW[JI�2FYYJWX�NSHQZIJ�

(a) Matters in relation to the overall strategy and management of the group;(b) Material changes to the group’s capital or corporate structure;(c) Matters involving financial reporting and distributions; (d) Major investments, major capital projects and material transactions not in the ordinary course of business;(e) transactions between the trustee-Manager for and on behalf of the trust and any of its related parties; and(f) Matters which require Board approval as specified under the sgx-st listing Manual, Bta or other relevant laws

and regulations.



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3&2*�4+�).7*(947�� &99*3)*)�*1.,.'1*�94�&99*3)

cHAirMAn And non-executiVe director

mr. Fok Kin Ning, Canning 4/4

dePutY cHAirMAn And non-executiVe director

Dr. John Edward Wenham meredith 4/4

executiVe director

mr. Ip Sing Chi 4/4

non-executiVe director

mr. Frank John Sixt 3/4

indePendent non-executiVe directors

mr. Graeme Allan Jack 4/4

mr. Chan Tze Leung, Robert 4/4

Prof. ma Si Hang, Frederick 4/4

mrs. Sng Sow-mei (alias Poon Sow mei) 4/4

mr. Kevin Anthony Westley 4/4

to enable directors to fully discharge their duties and obligations, each director has been furnished with a legal and regulatory compliance manual prepared by professional advisers.

directors are provided with updates and briefings from time to time by professional advisers, auditors and Management on relevant practices, new laws, rules and regulations, directors’ duties and responsibilities, corporate governance, changes in accounting standards and risk management issues applicable or relevant to the performance of their duties and responsibilities as directors.

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at every audit Committee meeting, the Chief financial officer (“Cfo”), Mr. ivor Chow, briefed the audit Committee members on developments in accounting and governance standards.

at every quarterly Board meeting, the Ceo and/or Cfo provided business updates and highlights of hph trust’s quarterly accounts. the scope of such update includes general economic conditions and how it affects hph trust’s business, overview of industry trends and developments, and developing trends.

the trustee-Manager arranges and provides continuous professional development (“Cpd”) training and relevant reading materials to directors to help ensure that they are apprised of the latest changes in the commercial, legal and regulatory environment in which the group conducts its business and to refresh their knowledge and skills on the roles, functions and duties of a listed entity director. in addition, attendance at external forums and briefing sessions (including delivery of speeches) on relevant topics also counts towards Cpd training.

CORPORATE GOVERNANCE REPORT44C A P I T A L I S I N G O N M O M E N T U M


the directors are required to provide the trustee-Manager with details of the Cpd training undertaken by them from time YT�YNRJ��'FXJI�TS�YMJ�IJYFNQX�XT�UWT[NIJI��YMJ�(5)�YWFNSNSL�ZSIJWYFPJS�G^�YMJ�)NWJHYTWX�NS��NX�XZRRFWNXJI�FX�KTQQT\X�

AreAs

nAMe oF director legAl And regulAtorY directors’ roles, Functions And duties

cHAirMAn And non-executiVe director

mr. Fok Kin Ning, Canning

dePutY cHAirMAn And non-executiVe director

Dr. John Edward Wenham meredith

executiVe director

mr. Ip Sing Chi

non-executiVe director

mr. Frank John Sixt

indePendent non-executiVe directors

mr. Graeme Allan Jack

mr. Chan Tze Leung, Robert

Prof. ma Si Hang, Frederick

mrs. Sng Sow-mei (alias Poon Sow mei)

mr. Kevin Anthony Westley

Board Composition and GuidancePrinciple 2

Board appointment has been, and will continue to be, made based on merit that complements and expands the skills, J]UJWNJSHJ�FSI�J]UJWYNXJ�TK�YMJ�'TFWI�FX�F�\MTQJ��YFPNSL�NSYT�FHHTZSY�YMJ�KTQQT\NSL�UWNSHNUQJX�

(a) the majority of Board members should be non-executive and independent directors;(b) the Chairman of the Board should be a non-executive director;(c) the Board should comprise directors with a wide range of commercial and management experience, which provides an

appropriate balance of diversity of skills, experience, gender and industry knowledge; and(d) at least a majority of the directors should be independent from management and business relationships with the

trustee-Manager and from every substantial shareholder of the trustee-Manager.

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Chairman and CEOPrinciple 3

the role of the Chairman and the deputy Chairman are separate from that of the Ceo. such division of responsibilities reinforces the independence and accountability of these directors.

the Chairman, Mr. fok Kin ning, Canning, assisted by the deputy Chairman, dr. John edward wenham Meredith, is responsible for providing leadership to, and overseeing the functioning of, the Board to ensure that it acts in the best interests of the group and that Board meetings are planned and conducted effectively. the Chairman is responsible for setting the agenda for each Board meeting, taking into account, where appropriate, matters proposed by the directors, the Company secretary and the deputy Company secretary. with the support of the executive director, the Company secretary and the deputy Company secretary, the Chairman seeks to ensure that all directors are properly briefed on issues arising at Board meetings and provided with adequate and accurate information in a timely manner. the Chairman promotes a culture of openness and actively encourages directors to voice their opinion and be fully engaged in the Board’s affairs so as to contribute to the Board’s effective functioning. the Board, under the leadership of the Chairman, has adopted good corporate governance practices and procedures and taken appropriate steps to provide effective communication with unitholders and other stakeholders, as outlined later in this report.

the Ceo is responsible for managing the businesses of the group, attending to the formulation and successful implementation of group policies and assuming full accountability to the Board for all group operations. acting as the principal manager of the group’s businesses, the Ceo attends to developing strategic operating plans that reflect the long-term objectives and priorities established by the Board and is directly responsible for maintaining the operational performance of the group. working with the Cfo, and the executive management team of each core business division, the Ceo presents annual budgets to the Board for consideration and approval, and ensures that the Board is fully apprised of the funding requirements of the businesses of the group. with the assistance of the Cfo, the Ceo sees to it that the funding requirements of the businesses are met and closely monitors the operating and financial results of the businesses against plans and budgets, taking remedial action if necessary. he maintains an ongoing dialogue with the Chairman, the deputy Chairman and all directors to keep them fully informed of all major business developments and issues. he is also responsible for building and maintaining an effective executive team to support him in his role.

Mrs. sng sow-Mei (alias poon sow Mei) is appointed as the lead independent director. unitholders may contact the lead independent director in cases where they have concerns for which contact through normal channels of the Chairman, the Ceo or the Cfo has failed to resolve the issue or is inappropriate. her contact details are available on hph trust’s corporate website (www.hphtrust.com/corporate_governance.html).

the lead independent director provides feedback to the Chairman as appropriate should there be any issue coming to her attention from the discussions among the independent non-executive directors without the presence of the other directors.

Board MembershipPrinciple 4

as at 31 december 2014, the Board comprised nine directors, including the Chairman, the deputy Chairman, one executive director, one non-executive director and five independent non-executive directors. Biographical details of the directors are set out on pages 22 to 24 of the annual report and on hph trust’s corporate website.

the Board takes into consideration its size, experience and overall competence and expertise to determine if the Board is effective. no nominating Committee has been established as the trustee-Manager and not hph trust appoints all the directors. the nomination function, however, is still to be performed annually by the Board, taking into account the performance and contribution of the directors.

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from time to time, new directors may be identified by the Board for appointment, if necessary, to complement the experience and competency of the existing members of the Board.



Directors’ Independence

a director is considered to be independent in accordance with the provisions of the Btr if he or she is independent from management and business relationships with the trustee-Manager and from every substantial shareholder of the trustee- 2FSFLJW��9MJ�'TFWI�MFX�HTSIZHYJI�FS�FSSZFQ�WJ[NJ\�TK�YMJ�NSIJUJSIJSHJ�TK�YMJ�.SIJUJSIJSY�)NWJHYTWX��2JXXWX��(MFS�9_J�leung, robert, graeme allan Jack, Ma si hang, frederick, Kevin anthony westley and Mrs. sng sow-Mei (alias poon sow Mei). Messrs. graeme allan Jack, Chan tze leung, robert, and Kevin anthony westley, are considered to be independent from management and business relationships with the trustee-Manager, and from every substantial shareholder(s) of the trustee-Manager. Construed within the context of the Btr, prof. Ma si hang, frederick and Mrs. sng sow-Mei (alias poon sow Mei) are considered to be independent from management and business relationships with the trustee-Manager, but not independent from the substantial shareholder of the trustee-Manager. with respect to prof. Ma si hang, frederick and 2WX��8SL�8T\�2JN� FQNFX�5TTS�8T\�2JN��YMJ�'TFWI�MFX�NS�NYX�WJ[NJ\�YFPJS�YMJ�KTQQT\NSL�NSYT�HTSXNIJWFYNTS�

in the case of Mrs. sng sow-Mei (alias poon sow Mei), notwithstanding that she is currently an independent non-executive director and a member of the audit committees of Cheung Kong infrastructure holdings limited (“CKi”), which is listed in hong Kong; ara asset Management (fortune) limited (“fortune reit Manager”), which manages fortune real estate investment trust (“fortune reit”, listed in singapore and hong Kong) and ara asset Management (prosperity) limited (“prosperity reit Manager”), which manages prosperity real estate investment trust (“prosperity reit”, listed in hong Kong), the directors noted that these roles should not interfere with her ability to exercise independent judgment in the interests TK�YMJ�ZSNYMTQIJWX�TK�-5-�9WZXY�KTW�YMJ�KTQQT\NSL�WJFXTSX�

N�� 2WX��8SL�ITJX�STY�MF[J�FS^�WJQFYNTSXMNU�\NYM�YMJ�HMNJK�J]JHZYN[J�TǫHJWX��RJRGJWX�TK�YMJ�RFSFLJRJSY�YJFRX��GTFWIX�of directors or major shareholders or unitholders of CKi or these real estate investment trusts (“reits”);

(ii) she is not involved in the day-to-day management and operation of CKi or these reits;(iii) she does not own any shares/units of any of CKi and prosperity reit, and she is only a minority unitholder of fortune

reit holding 220,000 units;(iv) she exercises independent judgment as a member of the audit committees of the above-mentioned companies/reits,

in particular on interested person transactions and on internal audit control and management; [�� YMJ�FGT[J�RJSYNTSJI�HTRUFSNJX�7*.9X�TK�\MNHM�XMJ�NX�HZWWJSYQ^�FS�NSIJUJSIJSY�STS�J]JHZYN[J�INWJHYTW�FWJ�NS�INǨJWJSY�

businesses from hph trust.

as such, given her extensive experience and qualifications, she will be able to contribute as an independent director on the Board.

in the case of prof. Ma si hang, frederick, notwithstanding that he is a director (independent) of husky energy inc. (“husky”), an associated company of hutchison whampoa limited, he is not involved in the day-to-day management of husky. in any case, husky does not engage in the same business as hph trust and his role as an independent director of husky should not interfere with the exercise of his independent judgment with regard to the interests of all the unitholders of hph trust.

having carried out the review, the Board is satisfied that the relationships described above will not interfere with either of Mrs. sng sow-Mei’s (alias poon sow Mei) or prof. Ma si hang, frederick’s independent judgment and ability to act with regard to the interests of all the unitholders of hph trust as a whole. accordingly, the Board has, pursuant to regulation 12(6) of the Btr, determined that both Mrs. sng sow-Mei (alias poon sow Mei) and prof. Ma si hang, frederick are independent from management and business relationships with the trustee-Manager or independent from the substantial shareholder of the trustee-Manager, as the case may be, and the Board is satisfied that these directors’ independent judgment and ability to act with regard to the interests of all the unitholders of hph trust as a whole will not be interfered with, despite the relationships, and are therefore both independent directors.

as (i) Mrs. sng sow-Mei (alias poon sow Mei) is also a director of CKi, the fortune reit Manager and the prosperity reit Manager and (ii) prof. Ma si hang, frederick is also a director of husky, they will not participate in any discussions of the Board in relation to any transactions with (a) (in relation to Mrs. sng sow-Mei (alias poon sow Mei)) CKi, fortune reit and prosperity reit, (b) (in WJQFYNTS�YT�5WTK��2F�8N�-FSL��+WJIJWNHP��-ZXP^��TW� H�� NS�WJQFYNTS�YT�GTYM�TK�YMJR��FS^�RFYYJWX�YMFY�RNLMY�LN[J�WNXJ�YT�F�HTSǪNHY�TK�interest with the above mentioned entities and shall abstain from voting on any such proposals at any meeting of the Board.

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Board PerformancePrinciple 5

evaluation of the performance of the Board as a whole and the audit Committee together with the directors was conducted by questionnaires. the objective of such evaluation is to ensure that the Board, the audit Committee and the directors continued YT�FHY�JǨJHYN[JQ^�NS�KZQǩQQNSL�YMJ�IZYNJX�FSI�WJXUTSXNGNQNYNJX�J]UJHYJI�TK�YMJR�

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Access to InformationPrinciple 6

the Board meets regularly, and at least four times a year with meeting dates scheduled prior to the beginning of the year. 'JY\JJS�XHMJIZQJI�RJJYNSLX��2FSFLJRJSY�TK�-5-�9WZXY�UWT[NIJX�YT�)NWJHYTWX��TS�F�WJLZQFW�GFXNX��RTSYMQ^�NSYJWSFQ�ǩSFSHNFQ�statements of key operating entities of the group and other relevant information with respect to the performance, and business activities and development of the group. throughout the year, directors participate in the deliberation and approval of routine and operational matters of the trustee-Manager by way of written resolutions with supporting explanatory materials, supplemented by additional verbal and/or written information from the Company secretary, the deputy Company secretary, or other executives as and when required. details of material or notable transactions of subsidiaries and associated companies are provided to the directors as appropriate. whenever warranted, additional Board meetings are held. in addition, directors have full access to information on the group and independent professional advice at the expense of hph trust at all times whenever deemed necessary by the directors and they are at liberty to propose appropriate matters for inclusion in Board agendas. directors also have separate and independent access to Management, the Company secretary and the deputy Company secretary at all times.

the Company secretary, Ms. lim Ka Bee, and the deputy Company secretary, Ms. edith shih, are accountable to the Board for JSXZWNSL�YMFY�'TFWI�UWTHJIZWJX�FWJ�KTQQT\JI�FSI�'TFWI�FHYN[NYNJX�FWJ�JǫHNJSYQ^�FSI�JǨJHYN[JQ^�HTSIZHYJI��9MJXJ�TGOJHYN[JX�are achieved through adherence to proper Board processes and the timely preparation and dissemination to directors of comprehensive Board meeting agendas and papers. Minutes of all Board and audit Committee meetings are prepared and RFNSYFNSJI�G^�YMJ�(TRUFS^�8JHWJYFW^�YT�WJHTWI�NS�XZǫHNJSY�IJYFNQX�YMJ�RFYYJWX�HTSXNIJWJI�FSI�IJHNXNTSX�WJFHMJI�G^�YMJ�'TFWI�TW�YMJ�&ZINY�(TRRNYYJJ��NSHQZINSL�FS^�HTSHJWSX�WFNXJI�TW�INXXJSYNSL�[NJ\X�[TNHJI�G^�FS^�)NWJHYTW��&QQ�IWFKY�FSI�ǩSFQ�RNSZYJX�TK�Board and audit Committee meetings are sent to directors and audit Committee members respectively for comments, approval and records. Board records are available for inspection by any director upon request.

the Company secretary and the deputy Company secretary are responsible for ensuring that the Board is fully apprised of all legislative, regulatory and corporate governance developments of relevance to the group and that it takes these into HTSXNIJWFYNTS�\MJS�RFPNSL�IJHNXNTSX�KTW�YMJ�,WTZU��+WTR�YNRJ�YT�YNRJ��YMJ^�TWLFSNXJ�XJRNSFWX�TS�XUJHNǩH�YTUNHX�TK�NRUTWYFSHJ�and interest and disseminate reference materials to directors for their information.

REMuNERATION MATTERS

Procedures for Developing Remuneration PolicesPrinciple 7

directors’ remuneration and fees are borne by the trustee-Manager and not hph trust. in practice, the directors’ remuneration and fees are paid out from the trustee-Manager’s fee income, subject to the Board’s endorsement and approval by the shareholder of the trustee-Manager.

no remuneration Committee has been established as all the directors are appointed and remunerated by the trustee-Manager, and not hph trust.

the trustee-Manager has established policy on, and formal procedure for determining, executive remuneration, which is subject to review by the Board from time to time.



Level and Mix of RemunerationPrinciple 8

The remuneration of key management personnel is determined with reference to their expertise and experience in the NSIZXYW^��YMJ�UJWKTWRFSHJ�FSI�UWTǩYFGNQNY^�TK�YMJ�,WTZU�FX�\JQQ�FX�WJRZSJWFYNTS�GJSHMRFWPX�KWTR�TYMJW�QTHFQ�FSI�NSYJWSFYNTSFQ�companies and prevailing market conditions. The level and structure of remuneration of key management personnel also MF[J�WJLFWI�YT�QTSL�YJWR�NSYJWJXY�FSI�WNXP�UTQNHNJX�TK�YMJ�,WTZU�FSI�HTRUWNXJ�GTYM�ǩ]JI�FSI�[FWNFGQJ�HTRUTSJSYX��9MJ�PJ^�RFSFLJRJSY�UJWXTSSJQ�UFWYNHNUFYJ�NS�GTSZX�FWWFSLJRJSYX�\MNHM�FWJ�IJYJWRNSJI�NS�FHHTWIFSHJ�\NYM�YMJ�UJWKTWRFSHJ�TK�YMJ�,WTZU�FSI�YMJ�NSIN[NIZFQǆX�UJWKTWRFSHJ�

Disclosure on RemunerationPrinciple 9

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Key ManageMent Personnel salary (%) Variable (%) benefits (%) total (%)

s$1,500,001 to s$1,750,000

Mr. Yim Lui Fai, Gerry ��

(MNJK�*]JHZYN[J�4ǫHJW�2FSFLNSL�)NWJHYTW��-.9

s$1,250,001 to s$1,500,000NIL

s$1,000,001 to s$1,250,000NIL

s$750,001 to s$1,000,000Mr. Ivor Chow �� (MNJK�+NSFSHNFQ�4ǫHJW�FSI�.S[JXYTW�7JQFYNTSX�4ǫHJW*]JHZYN[J�)NWJHYTW��-.9

Mr. Lam Hing Man, Patrick ��

2FSFLNSL�)NWJHYTW��>.(9

s$500,001 to s$750,000Ms. Lee Tung Wan, Diana ��

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Mr. Tang Hin Kee, Edward ��

4UJWFYNTSX�)NWJHYTW,JSJWFQ�2FSFLJW��4UJWFYNTSX��-.9

Mr. Ying Tze Man, Kenneth ��

2FSFLNSL�)NWJHYTW��(48(4�-.9� �

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ACCOUNTABILITY AND AUDIT

AccountabilityPrinciple 10

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Risk Management and Internal ControlsPrinciple 11

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Internal Control Environment and Systems

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Review of Risk Management and Internal Control Systems

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Audit CommitteePrinciple 12

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naMe of MeMber attended/eligible to attend

Mr. Graeme Allan Jack (Chairman) 4/4

Mr. Frank John Sixt 4/4

Mrs. Sng Sow-Mei (alias Poon Sow Mei) 4/4

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external auditor fees for fy2014 HK$’000 % of total fees

Total Audit Fees 14,521 97

Total Non-Audit Fees 502 3

Total Fees Paid 15,023 100

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Internal AuditPrinciple 13

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Legal and Regulatory

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UNITHOLDER RIGHTS AND RESPONSIBILITIES

Unitholder RightsPrinciple 14

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Communication with UnitholdersPrinciple 15

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Conduct of Unitholder MeetingsPrinciple 16

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INTERESTED PERSON TRANSACTIONS

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MATERIAL CONTRACTS

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REPORT OF THETRUSTEE-MANAGER

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DIRECTORS

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ARRANGEMENTS TO ENABLE DIRECTORS TO ACqUIRE UNITS AND DEBENTURES

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DIRECTORS’ INTERESTS IN UNITS OR DEBENTURES

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Holdings registered in Holdings in which a director name of director is deemed to have an interest At 31.12.2014 At 1.1.2014 At 31.12.2014 At 1.1.20143ZRGJW�TK�ZSNYX�MJQI�G^�� 2W��+TP�0NS�3NSL��(FSSNSL� �� )W��/TMS�*I\FWI�<JSMFR�2JWJINYM� �� 2W��.U�8NSL�(MN� �� 2W��+WFSP�/TMS�8N]Y� �� 2W��(MFS�9_J�1JZSL��7TGJWY� �� 2W��,WFJRJ�&QQFS�/FHP� �� 5WTK��2F�8N�-FSL��+WJIJWNHP� �� 2WX��8SL�8T\�2JN� FQNFX�5TTS�8T\�2JN�� 2W��0J[NS�&SYMTS^�<JXYQJ^� ��

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OPTIONS

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There were no unissued units of the Trust under option at the end of the year.


REPORT OF THETRUSTEE-MANAGER

DIRECTORS’ CONTRACTUAL BENEFITS

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AUDIT COMMITTEE

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BOARD OPINION ON THE ADEqUACY OF INTERNAL CONTROLS

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INDEPENDENT AUDITOR

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STATEMENT BY THE TRUSTEE-MANAGER

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STATEMENT BY THECHIEF EXECUTIVE OFFICER

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INDEPENDENTAUDITOR’S REPORT

REPORT ON THE ACCOUNTS

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TRUSTEE-MANAGER’S RESPONSIBILITY FOR THE ACCOUNTS

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AUDITOR’S RESPONSIBILITY

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OPINION

.S�TZW�TUNSNTS��YMJ�FHHTZSYX�TK�YMJ�,WTZU�FSI�YMJ�XYFYJRJSY�TK�KNSFSHNFQ�UTXNYNTS�FSI�YMJ�XYFYJRJSY�TK�HMFSLJX�NS�JVZNY^�TK�YMJ�9WZXY�FWJ�UWTUJWQ^�IWF\S�ZU�NS�FHHTWIFSHJ�\NYM�YMJ�UWT[NXNTSX�TK�YMJ�&HY�FSI�-TSL�0TSL�+NSFSHNFQ�7JUTWYNSL�8YFSIFWIX�XT�FX�YT�LN[J�F�YWZJ�FSI�KFNW�[NJ\�TK�YMJ�XYFYJ�TK�FKKFNWX�TK�YMJ�,WTZU�FSI�TK�YMJ�9WZXY�FX�FY��)JHJRGJW��FSI�TK�YMJ�WJXZQYX��HMFSLJX�NS�JVZNY^�FSI�HFXM�KQT\X�TK�YMJ�,WTZU�FSI�YMJ�HMFSLJX�NS�JVZNY^�TK�YMJ�9WZXY�KTW�YMJ�KNSFSHNFQ�year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REqUIREMENTS

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PricewaterhouseCoopers LLP5ZGQNH�&HHTZSYFSYX�FSI�(MFWYJWJI�&HHTZSYFSYX8NSLFUTWJ��+JGWZFW^��

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CONSOLIDATEDINCOME STATEMENT

2014 2013 Note HK$’000 HK$’000

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CONSOLIDATED STATEMENTOF COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

2014 2013 Note HK$’000 HK$’000

ASSETS Non-current assets

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STATEMENT OF FINANCIAL POSITION OF HUTCHISON PORT HOLDINGS TRUST

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY +TW�YMJ�^JFW�JSIJI��)JHJRGJW��

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Group

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STATEMENT OF CHANGES IN EQUITY OF HUTCHISON PORT HOLDINGS TRUST+TW�YMJ�^JFW�JSIJI��)JHJRGJW��

Units Accumulated Attributable to in issue losses unitholders HK$’000 HK$’000 HK$’000

Trust

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NOTES TO THE ACCOUNTS

1 GENERAL INFORMATION

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2 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

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2 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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� -0+78��ǅ+NSFSHNFQ�NSXYWZRJSYXǆ��FIIWJXXJX�YMJ�HQFXXNǩHFYNTS��RJFXZWJRJSY�FSI�WJHTLSNYNTS�TK�ǩSFSHNFQ�FXXJYX�FSI�ǩSFSHNFQ�QNFGNQNYNJX��9MJ�HTRUQJYJ�[JWXNTS�TK�-0+78��\FX�NXXZJI�NS�/ZQ^��.Y�WJUQFHJX�YMJ�LZNIFSHJ�NS�-0&8��YMFY�WJQFYJX�YT�YMJ�HQFXXNǩHFYNTS�FSI�RJFXZWJRJSY�TK�ǩSFSHNFQ�NSXYWZRJSYX��-0+78��WJYFNSX�GZY�XNRUQNǩJX�YMJ�RN]JI�RJFXZWJRJSY�RTIJQ�FSI�JXYFGQNXMJX�YMWJJ�UWNRFW^�RJFXZWJRJSY�HFYJLTWNJX�KTW�ǩSFSHNFQ�FXXJYX��FRTWYNXJI�HTXY��KFNW�[FQZJ�YMWTZLM�TYMJW�HTRUWJMJSXN[J�NSHTRJ�FSI�KFNW�[FQZJ�YMWTZLM�UWTǩY�FSI�QTXX��9MJ�GFXNX�TK�HQFXXNǩHFYNTS�IJUJSIX�TS�YMJ�JSYNY^ǆX�GZXNSJXX�RTIJQ�FSI�YMJ�HTSYWFHYZFQ�HFXM�ǪT\�HMFWFHYJWNXYNHX�TK�YMJ�ǩSFSHNFQ�FXXJY��.S[JXYRJSYX�NS�JVZNY^�NSXYWZRJSYX�FWJ�WJVZNWJI�YT�GJ�RJFXZWJI�FY�KFNW�[FQZJ�YMWTZLM�UWTǩY�TW�QTXX�\NYM�YMJ�NWWJ[THFGQJ�TUYNTS�FY�NSHJUYNTS�YT�present changes in fair value in other comprehensive income not recycling. There is now a new expected credit losses RTIJQ�YMFY�WJUQFHJX�YMJ�NSHZWWJI�QTXX�NRUFNWRJSY�RTIJQ�ZXJI�NS�-0&8��+TW�ǩSFSHNFQ�QNFGNQNYNJX��YMJWJ�\JWJ�ST�HMFSLJX�YT�HQFXXNǩHFYNTS�FSI�RJFXZWJRJSY�J]HJUY�KTW�YMJ�WJHTLSNYNTS�TK�HMFSLJX�NS�T\S�HWJINY�WNXP�NS�TYMJW�HTRUWJMJSXN[J�NSHTRJ��KTW�QNFGNQNYNJX�IJXNLSFYJI�FY�KFNW�[FQZJ�YMWTZLM�UWTǩY�TW�QTXX��-0+78��WJQF]JX�YMJ�WJVZNWJRJSYX�KTW�MJILJ�JǨJHYN[JSJXX�G^�WJUQFHNSL�YMJ�GWNLMY�QNSJ�MJILJ�JǨJHYN[JSJXX�YJXYX��.Y�WJVZNWJX�FS�JHTSTRNH�WJQFYNTSXMNU�GJY\JJS�YMJ�MJILJI�NYJR�FSI�MJILNSL�NSXYWZRJSY�FSI�KTW�YMJ�ǅMJILJI�WFYNTǆ�YT�GJ�YMJ�XFRJ�FX�YMJ�TSJ�RFSFLJRJSY�FHYZFQQ^�ZXJ�KTW�WNXP�RFSFLJRJSY�UZWUTXJX��(TSYJRUTWFSJTZX�ITHZRJSYFYNTS�NX�XYNQQ�WJVZNWJI�GZY�NX�INǨJWJSY�YT�YMFY�HZWWJSYQ^�UWJUFWJI�ZSIJW�-0&8��

� -0+78��ǅ7J[JSZJ�KWTR�HTSYWFHYX�\NYM�HZXYTRJWXǆ�IJFQX�\NYM�WJ[JSZJ�WJHTLSNYNTS�FSI�JXYFGQNXMJX�UWNSHNUQJX�KTW�WJUTWYNSL�ZXJKZQ�NSKTWRFYNTS�YT�ZXJWX�TK�ǩSFSHNFQ�XYFYJRJSYX�FGTZY�YMJ�SFYZWJ��FRTZSY��YNRNSL�FSI�ZSHJWYFNSY^�TK�WJ[JSZJ�FSI�HFXM�ǪT\X�FWNXNSL�KWTR�FS�JSYNY^ǆX�HTSYWFHYX�\NYM�HZXYTRJWX��7J[JSZJ�NX�WJHTLSNXJI�\MJS�F�HZXYTRJW�TGYFNSX�HTSYWTQ�TK�F�LTTI�TW�XJW[NHJ�FSI�YMZX�MFX�YMJ�FGNQNY^�YT�INWJHY�YMJ�ZXJ�FSI�TGYFNS�YMJ�GJSJǩYX�KWTR�YMJ�LTTI�TW�XJW[NHJ��9MJ�XYFSIFWI�WJUQFHJX�-0&8��ǅ7J[JSZJǆ�FSI�-0&8��ǅ(TSXYWZHYNTS�HTSYWFHYXǆ�FSI�WJQFYJI�NSYJWUWJYFYNTSX�

� 9MJ�,WTZU�NX�FXXJXXNSL�YMJ�KZQQ�NRUFHY�TK�YMJXJ�SJ\�TW�WJ[NXJI�-0+78��HJWYFNS�TK�YMJR�\NQQ�LN[J�WNXJ�YT�HMFSLJ�NS�UWJXJSYFYNTS��INXHQTXZWJ�FSI�RJFXZWJRJSYX�TK�HJWYFNS�NYJRX�NS�YMJ�ǩSFSHNFQ�XYFYJRJSYX��.Y�NX�STY�J]UJHYJI�YT�MF[J�RFYJWNFQ�NRUFHY�TS�YMJ�,WTZU�

(a) Basis of consolidation

� 9MJ�HTSXTQNIFYJI�FHHTZSYX�TK�YMJ�,WTZU�KTW�YMJ�^JFW�JSIJI��)JHJRGJW��NSHQZIJ�FQQ�NYX�INWJHY�FSI�NSINWJHY�XZGXNINFW^�HTRUFSNJX�FSI�FQXT�NSHTWUTWFYJ�YMJ�NSYJWJXY�NS�FXXTHNFYJI�HTRUFSNJX�FSI�OTNSY�[JSYZWJX�TS�YMJ�GFXNX�XJY�TZY�NS�3TYJX�� H��FSI�� I��GJQT\��7JXZQYX�TK�XZGXNINFW^�HTRUFSNJX��FXXTHNFYJI�HTRUFSNJX�FSI�OTNSY�[JSYZWJX�FHVZNWJI�TW�INXUTXJI�TK�IZWNSL�YMJ�^JFW�FWJ�NSHQZIJI�FX�KWTR�YMJNW�JǨJHYN[J�IFYJX�TK�FHVZNXNYNTS�YT��)JHJRGJW��TW�ZU�YT�YMJ�IFYJX�TK�INXUTXFQ�FX�YMJ�HFXJ�RF^�GJ��9MJ�FHVZNXNYNTS�TK�XZGXNINFW^�HTRUFSNJX�NX�FHHTZSYJI�KTW�ZXNSL�YMJ�UZWHMFXJ�RJYMTI�




(b) Subsidiary companies

� &�XZGXNINFW^�HTRUFS^�NX�FS�JSYNY^�NS�\MNHM�YMJ�,WTZU�MFX�HTSYWTQ��9MJ�,WTZU�HTSYWTQX�FS�JSYNY^�\MJS�YMJ�,WTZU�NX�J]UTXJI�YT��TW�MFX�WNLMYX�YT��[FWNFGQJ�WJYZWSX�KWTR�NYX�NS[TQ[JRJSY�\NYM�YMJ�JSYNY^�FSI�MFX�YMJ�FGNQNY^�YT�FǨJHY�YMTXJ�WJYZWSX�YMWTZLM�NYX�UT\JW�T[JW�YMJ�JSYNY^��8ZGXNINFW^�HTRUFSNJX�FWJ�KZQQ^�HTSXTQNIFYJI�KWTR�YMJ�IFYJ�TS�\MNHM�HTSYWTQ�NX�YWFSXKJWWJI�YT�YMJ�,WTZU��9MJ^�FWJ�IJHTSXTQNIFYJI�KWTR�YMJ�IFYJ�YMFY�HTSYWTQ�HJFXJX��.S�YMJ�ZSHTSXTQNIFYJI�FHHTZSYX�TK�YMJ�MTQINSL�HTRUFS^��NS[JXYRJSYX�NS�XZGXNINFW^�HTRUFSNJX�FWJ�HFWWNJI�FY�HTXY�QJXX�UWT[NXNTS�KTW�NRUFNWRJSY�NS�[FQZJ�

� 9MJ�FHVZNXNYNTS�RJYMTI�TK�FHHTZSYNSL�NX�ZXJI�YT�FHHTZSY�KTW�GZXNSJXX�HTRGNSFYNTSX�G^�YMJ�,WTZU��9MJ�HTSXNIJWFYNTS�YWFSXKJWWJI�KTW�YMJ�FHVZNXNYNTS�TK�XZGXNINFW^�HTRUFSNJX�FWJ�YMJ�KFNW�[FQZJX�TK�YMJ�FXXJYX�YWFSXKJWWJI��YMJ�QNFGNQNYNJX�NSHZWWJI�FSI�YMJ�JVZNY^�NSYJWJXYX�NXXZJI�G^�YMJ�,WTZU��9MJ�HTSXNIJWFYNTS�YWFSXKJWWJI�NSHQZIJX�YMJ�KFNW�[FQZJ�TK�FS^�FXXJY�TW�QNFGNQNY^�WJXZQYNSL�KWTR�F�HTSYNSLJSY�HTSXNIJWFYNTS�FWWFSLJRJSY��&HVZNXNYNTS�WJQFYJI�HTXYX�FWJ�J]UJSXJI�FX�NSHZWWJI��.IJSYNǩFGQJ�FXXJYX�FHVZNWJI�FSI�QNFGNQNYNJX�FSI�HTSYNSLJSY�QNFGNQNYNJX�FXXZRJI�NS�F�GZXNSJXX�HTRGNSFYNTS�FWJ�RJFXZWJI�NSNYNFQQ^�FY�YMJNW�KFNW�[FQZJX�FY�YMJ�FHVZNXNYNTS�IFYJ��4S�YMJ�FHVZNXNYNTS�G^�FHVZNXNYNTS�GFXNX��YMJ�,WTZU�WJHTLSNXJX�F�STS�HTSYWTQQNSL�NSYJWJXY�NS�YMJ�FHVZNWJJ�JNYMJW�FY�KFNW�[FQZJ�TW�FY�STS�HTSYWTQQNSL�NSYJWJXYǆX�UWTUTWYNTSFYJ�XMFWJ�TK�YMJ�FHVZNWJJǆX�SJY�FXXJYX�

� 9MJ�J]HJXX�TK�YMJ�HTSXNIJWFYNTS�YWFSXKJWWJI��YMJ�FRTZSY�TK�FS^�STS�HTSYWTQQNSL�NSYJWJXY�NS�YMJ�FHVZNWJJ�FSI�YMJ�FHVZNXNYNTS�IFYJ�KFNW�[FQZJ�TK�FS^�UWJ[NTZX�JVZNY^�NSYJWJXY�NS�YMJ�FHVZNWJJ�T[JW�YMJ�KFNW�[FQZJ�TK�YMJ�NIJSYNǩFGQJ�SJY�FXXJYX�FHVZNWJI�NX�WJHTWIJI�FX�LTTI\NQQ��.K�YMNX�NX�QJXX�YMFS�YMJ�KFNW�[FQZJ�TK�YMJ�SJY�FXXJYX�TK�YMJ�XZGXNINFW^�FHVZNWJI�NS�YMJ�HFXJ�TK�F�GFWLFNS�UZWHMFXJ��YMJ�INǨJWJSHJ�NX�WJHTLSNXJI�INWJHYQ^�NS�YMJ�NSHTRJ�XYFYJRJSY�

(c) Associated companies

� &S�FXXTHNFYJ�NX�FS�JSYNY^��TYMJW�YMFS�F�XZGXNINFW^�HTRUFS^�TW�F�OTNSY�[JSYZWJ��NS�\MNHM�YMJ�,WTZU�MFX�F�QTSL�YJWR�JVZNY^�NSYJWJXY�FSI�T[JW�\MNHM�YMJ�,WTZU�NX�NS�F�UTXNYNTS�YT�J]JWHNXJ�XNLSNǩHFSY�NSǪZJSHJ�T[JW�NYX�RFSFLJRJSY��\MNHM�NSHQZIJX�UFWYNHNUFYNTS�NS�YMJ�ǩSFSHNFQ�FSI�TUJWFYNSL�UTQNH^�IJHNXNTSX�

� 9MJ�WJXZQYX�FSI�FXXJYX�FSI�QNFGNQNYNJX�TK�FXXTHNFYJX�FWJ�NSHTWUTWFYJI�NS�YMJXJ�FHHTZSYX�ZXNSL�YMJ�JVZNY^�RJYMTI�TK�FHHTZSYNSL��J]HJUY�\MJS�YMJ�NS[JXYRJSY�NX�HQFXXNǩJI�FX�MJQI�KTW�XFQJ��NS�\MNHM�HFXJ�NY�NX�FHHTZSYJI�KTW�ZSIJW�-0+78��ǈ3TS�HZWWJSY�FXXJYX�MJQI�KTW�XFQJ�FSI�INXHTSYNSZJI�TUJWFYNTSXǉ��9MJ�YTYFQ�HFWW^NSL�FRTZSY�TK�XZHM�NS[JXYRJSYX�NX�WJIZHJI�YT�WJHTLSNXJ�FS^�NIJSYNǩJI�NRUFNWRJSY�QTXX�NS�YMJ�[FQZJ�TK�NSIN[NIZFQ�NS[JXYRJSYX�

(d) Joint ventures

� &�OTNSY�[JSYZWJ�NX�F�HTSYWFHYZFQ�FWWFSLJRJSY�\MJWJG^�YMJ�[JSYZWJWX�ZSIJWYFPJ�FS�JHTSTRNH�FHYN[NY^�\MNHM�NX�XZGOJHY�YT�OTNSY�HTSYWTQ�FSI�T[JW�\MNHM�STSJ�TK�YMJ�UFWYNHNUFYNSL�UFWYNJX�MFX�ZSNQFYJWFQ�HTSYWTQ�

� /TNSY�[JSYZWJX�NS[TQ[J�YMJ�JXYFGQNXMRJSY�TK�XJUFWFYJ�JSYNYNJX��9MJ�WJXZQYX�FSI�FXXJYX�FSI�QNFGNQNYNJX�TK�OTNSY�[JSYZWJX�FWJ�NSHTWUTWFYJI�NS�YMJXJ�FHHTZSYX�ZXNSL�YMJ�JVZNY^�RJYMTI�TK�FHHTZSYNSL��J]HJUY�\MJS�YMJ�NS[JXYRJSY�NX�HQFXXNǩJI�FX�MJQI�KTW�XFQJ��NS�\MNHM�HFXJ�NY�NX�FHHTZSYJI�KTW�ZSIJW�-0+78��ǈ3TS�HZWWJSY�FXXJYX�MJQI�KTW�XFQJ�FSI�INXHTSYNSZJI�TUJWFYNTSXǉ��9MJ�YTYFQ�HFWW^NSL�FRTZSY�TK�XZHM�NS[JXYRJSYX�NX�WJIZHJI�YT�WJHTLSNXJ�FS^�NIJSYNǩJI�NRUFNWRJSY�QTXX�NS�YMJ�[FQZJ�TK�individual investments.

(e) Fixed assets

� +N]JI�FXXJYX�FWJ�XYFYJI�FY�HTXY�QJXX�IJUWJHNFYNTS�FSI�FS^�NRUFNWRJSY�QTXX��5WTUJWYNJX�HTRUWNXJ�GZNQINSLX�FSI�HN[NQ�\TWPX��'ZNQINSLX�FSI�HN[NQ�\TWPX�FWJ�IJUWJHNFYJI�TS�YMJ�GFXNX�TK�FS�J]UJHYJI�QNKJ�TK��^JFWX��TW�YMJ�WJRFNSIJW�YMJWJTK��TW�T[JW�the remaining period of the lease of the underlying leasehold land and land use rights, whichever is lesser. The period of YMJ�QJFXJ�NSHQZIJX�YMJ�UJWNTI�KTW�\MNHM�F�WNLMY�TK�WJSJ\FQ�NX�FYYFHMJI��4YMJW�FXXJYX�HTRUWNXJ�RTYTW�[JMNHQJX��HTRUZYJW�JVZNURJSY�FSI�TYMJW�ǩ]JI�FXXJYX�



(e) Fixed assets (Continued)

� )JUWJHNFYNTS�TK�ǩ]JI�FXXJYX�TYMJW�YMFS�UWTUJWYNJX�NX�UWT[NIJI�FY�WFYJX�HFQHZQFYJI�YT�\WNYJ�TǨ�YMJNW�HTXYX�YT�YMJNW�WJXNIZFQ�[FQZJX�T[JW�YMJNW�JXYNRFYJI�ZXJKZQ�QN[JX�TS�F�XYWFNLMY�QNSJ�GFXNX�FX�KTQQT\X�

� (TSYFNSJW�YJWRNSFQ�JVZNURJSY� ��^JFWX� 'FWLJX� � � ��^JFWX� 2TYTW�[JMNHQJX� � ��^JFWX� (TRUZYJW�JVZNURJSY� � ��^JFWX� 4YMJW�ǩ]JI�FXXJYX� � ��^JFWX

� 9MJ�LFNS�TW�QTXX�TS�INXUTXFQ�TW�WJYNWJRJSY�TK�F�ǩ]JI�FXXJY�NX�YMJ�INǨJWJSHJ�GJY\JJS�YMJ�SJY�XFQJX�UWTHJJIX�FSI�YMJ�carrying amount of the relevant asset, and is recognised in the income statement.

(f) Projects under development

� 5WTOJHYX�ZSIJW�IJ[JQTURJSY�FWJ�HFWWNJI�FY�HTXY�FSI�NSHQZIJ�UWTOJHY�IJ[JQTURJSY�J]UJSINYZWJ�FSI�HFUNYFQNXJI�NSYJWJXY�TS�WJQFYJI�QTFSX�NSHZWWJI�ZU�YT�YMJ�IFYJ�TK�HTRUQJYNTS��4S�HTRUQJYNTS��UWTOJHYX�ZSIJW�IJ[JQTURJSY�FWJ�YWFSXKJWWJI�YT�ǩ]JI�FXXJYX�

(g) Leasehold land and land use rights

� 9MJ�FHVZNXNYNTS�HTXYX�FSI�ZUKWTSY�UF^RJSYX�RFIJ�KTW�QJFXJMTQI�QFSI�FSI�QFSI�ZXJ�WNLMYX�FWJ�UWJXJSYJI�TS�YMJ�XYFYJRJSY�TK�ǩSFSHNFQ�UTXNYNTS�FX�QJFXJMTQI�QFSI�FSI�QFSI�ZXJ�WNLMYX�FSI�J]UJSXJI�NS�YMJ�NSHTRJ�XYFYJRJSY�TS�F�XYWFNLMY�QNSJ�GFXNX�T[JW�YMJ�UJWNTI�TK�YMJ�QJFXJ�WNLMYX�

(h) Customer relationships

� (ZXYTRJW�WJQFYNTSXMNUX��\MNHM�FWJ�FHVZNWJI�NS�F�GZXNSJXX�HTRGNSFYNTS��FWJ�WJHTLSNXJI�FY�KFNW�[FQZJ�FY�YMJ�FHVZNXNYNTS�IFYJ��(ZXYTRJW�WJQFYNTSXMNUX�FWJ�HFWWNJI�FY�HTXY�QJXX�FHHZRZQFYJI�FRTWYNXFYNTS��&RTWYNXFYNTS�NX�HFQHZQFYJI�ZXNSL�YMJ�straight-line method over the expected life of the customer relationships.

(i) Goodwill

� ,TTI\NQQ�NX�NSNYNFQQ^�RJFXZWJI�FY�HTXY�GJNSL�J]HJXX�TK�YMJ�FLLWJLFYJ�TK�YMJ�HTSXNIJWFYNTS�YWFSXKJWWJI��YMJ�FRTZSY�WJHTLSNXJI�KTW�STS�HTSYWTQQNSL�NSYJWJXYX�FSI�FS^�KFNW�[FQZJ�TK�YMJ�,WTZUǆX�UWJ[NTZXQ^�MJQI�JVZNY^�NSYJWJXYX�NS�YMJ�FHVZNWJJ�T[JW�YMJ�KFNW�[FQZJ�TK�YMJ�SJY�NIJSYNǩFGQJ�FXXJYX�FHVZNWJI�FSI�QNFGNQNYNJX�FXXZRJI��,TTI\NQQ�TS�FHVZNXNYNTS�TK�F�KTWJNLS�operation is treated as an asset of the foreign operation.

� ,TTI\NQQ�FWNXNSL�TS�FHVZNXNYNTS�NX�WJYFNSJI�FY�YMJ�HFWW^NSL�FRTZSY�FX�F�XJUFWFYJ�FXXJY�TW��FX�FUUQNHFGQJ��NSHQZIJI�\NYMNS�NS[JXYRJSYX�NS�FXXTHNFYJI�HTRUFSNJX�FSI�OTNSY�[JSYZWJX�FY�YMJ�IFYJ�TK�FHVZNXNYNTS��FSI�XZGOJHY�YT�NRUFNWRJSY�YJXY�FSSZFQQ^�FSI�\MJS�YMJWJ�FWJ�NSINHFYNTSX�YMFY�YMJ�HFWW^NSL�[FQZJ�RF^�STY�GJ�WJHT[JWFGQJ��.K�YMJ�HTXY�TK�FHVZNXNYNTS�NX�QJXX�YMFS�YMJ�KFNW�[FQZJ�TK�YMJ�,WTZUǆX�XMFWJ�TK�YMJ�SJY�NIJSYNǩFGQJ�FXXJYX�TK�YMJ�FHVZNWJI�HTRUFS^��YMJ�INǨJWJSHJ�NX�recognised directly in the income statement.

� 9MJ�UWTǩY�TW�QTXX�TS�INXUTXFQ�TK�F�XZGXNINFW^�HTRUFS^��FXXTHNFYJI�HTRUFS^�TW�OTNSY�[JSYZWJ�NX�HFQHZQFYJI�G^�WJKJWJSHJ�YT�YMJ�SJY�FXXJYX�FY�YMJ�IFYJ�TK�INXUTXFQ�NSHQZINSL�YMJ�FYYWNGZYFGQJ�FRTZSY�TK�LTTI\NQQ�GZY�ITJX�STY�NSHQZIJ�FS^�FYYWNGZYFGQJ�LTTI\NQQ�UWJ[NTZXQ^�JQNRNSFYJI�FLFNSXY�WJXJW[JX�

(j) Railway usage rights

� 7FNQ\F^�ZXFLJ�WNLMYX�FWJ�HFWWNJI�FY�HTXY�QJXX�FHHZRZQFYJI�FRTWYNXFYNTS��&RTWYNXFYNTS�NX�HFQHZQFYJI�ZXNSL�YMJ�XYWFNLMY�QNSJ�GFXNX�T[JW�YMJ�UJWNTI�TK�TUJWFYNTS�TK�FUUWT]NRFYJQ^��^JFWX�





(k) Current and deferred tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to YMJ�J]YJSY�YMFY�NY�WJQFYJX�YT�NYJRX�WJHTLSNXJI�NS�TYMJW�HTRUWJMJSXN[J�NSHTRJ�TW�INWJHYQ^�NS�JVZNY^��.S�YMNX�HFXJ��YMJ�YF]�NX�FQXT�WJHTLSNXJI�NS�TYMJW�HTRUWJMJSXN[J�NSHTRJ�TW�INWJHYQ^�NS�JVZNY^��WJXUJHYN[JQ^�

� 9MJ�HZWWJSY�YF]�HMFWLJ�NX�HFQHZQFYJI�TS�YMJ�GFXNX�TK�YMJ�YF]�QF\X�JSFHYJI�TW�XZGXYFSYN[JQ^�JSFHYJI�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�NS�YMJ�HTZSYWNJX�\MJWJ�YMJ�LWTZU�HTRUFSNJX�TUJWFYJ�FSI�LJSJWFYJ�YF]FGQJ�NSHTRJ��2FSFLJRJSY�UJWNTINHFQQ^�J[FQZFYJX�UTXNYNTSX�YFPJS�NS�YF]�WJYZWSX�\NYM�WJXUJHY�YT�XNYZFYNTSX�NS�\MNHM�FUUQNHFGQJ�YF]�WJLZQFYNTS�NX�XZGOJHY�YT�NSYJWUWJYFYNTS�FSI�JXYFGQNXMJX�UWT[NXNTSX�\MJWJ�FUUWTUWNFYJ�TS�YMJ�GFXNX�TK�FRTZSYX�J]UJHYJI�YT�GJ�UFNI�YT�the tax authorities.

� )JKJWWJI�YF]�NX�UWT[NIJI�NS�KZQQ��ZXNSL�YMJ�QNFGNQNYNJX�RJYMTI��TS�YJRUTWFW^�INǨJWJSHJX�FWNXNSL�GJY\JJS�YMJ�YF]�GFXJX�TK�FXXJYX�FSI�QNFGNQNYNJX�FSI�YMJNW�HFWW^NSL�FRTZSYX�NS�YMJ�FHHTZSYX��)JKJWWJI�YF]�FXXJYX�FWJ�WJHTLSNXJI�YT�YMJ�J]YJSY�YMFY�NY�NX�UWTGFGQJ�YMFY�KZYZWJ�YF]FGQJ�UWTǩY�\NQQ�GJ�F[FNQFGQJ�FLFNSXY�\MNHM�YMJ�YJRUTWFW^�INǨJWJSHJX�HFS�GJ�ZYNQNXJI�

(l) Investments

� .S[JXYRJSYX� TYMJW�YMFS�NS[JXYRJSYX�NS�XZGXNINFW^�HTRUFSNJX��FXXTHNFYJI�HTRUFSNJX�TW�OTNSY�[JSYZWJX��FWJ�STS�IJWN[FYN[J�ǩSFSHNFQ�FXXJYX�YMFY�FWJ�STY�HQFXXNǩJI�FX�QTFSX�FSI�WJHJN[FGQJX��MJQI�YT�RFYZWNY^�NS[JXYRJSYX�TW�ǩSFSHNFQ�FXXJYX�FY�KFNW�[FQZJ�YMWTZLM�UWTǩY�TW�QTXX��&Y�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�XZGXJVZJSY�YT�NSNYNFQ�WJHTLSNYNTS��YMJXJ�ǩSFSHNFQ�FXXJYX�FWJ�HFWWNJI�FY�KFNW�[FQZJ�FSI�HMFSLJX�NS�KFNW�[FQZJ�FWJ�WJHTLSNXJI�NS�TYMJW�HTRUWJMJSXN[J�NSHTRJ�FSI�accumulated under the heading of revaluation reserve except for impairment losses which are charged to the income XYFYJRJSY��<MJWJ�YMJXJ�NS[JXYRJSYX�FWJ�NSYJWJXY�GJFWNSL��NSYJWJXY�HFQHZQFYJI�ZXNSL�YMJ�JǨJHYN[J�NSYJWJXY�RJYMTI�NX�WJHTLSNXJI�NS�YMJ�NSHTRJ�XYFYJRJSY��)N[NIJSIX�KWTR�NS[JXYRJSYX�FWJ�WJHTLSNXJI�FX�TYMJW�TUJWFYNSL�NSHTRJ�NS�YMJ�NSHTRJ�XYFYJRJSY�\MJS�YMJ�WNLMY�YT�WJHJN[J�UF^RJSY�NX�JXYFGQNXMJI��<MJS�NS[JXYRJSYX�FWJ�XTQI��YMJ�HZRZQFYN[J�KFNW�value gains or losses previously recognised in revaluation reserve are removed from revaluation reserve and recognised in the income statement.

(m) Loans and receivables

� 1TFSX�FSI�WJHJN[FGQJX�FWJ�STS�IJWN[FYN[J�ǩSFSHNFQ�FXXJYX�\NYM�ǩ]JI�TW�IJYJWRNSFGQJ�UF^RJSYX�YMFY�FWJ�STY�VZTYJI�NS�FS�FHYN[J�RFWPJY��&Y�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�XZGXJVZJSY�YT�NSNYNFQ�WJHTLSNYNTS��QTFSX�FSI�WJHJN[FGQJX�FWJ�HFWWNJI�FY�FRTWYNXJI�HTXY�ZXNSL�YMJ�JǨJHYN[J�NSYJWJXY�RJYMTI�QJXX�NRUFNWRJSY��.SYJWJXY�HFQHZQFYJI�ZXNSL�YMJ�JǨJHYN[J�NSYJWJXY�method is recognised in the income statement.

(n) Trade and other receivables

� 9WFIJ�FSI�TYMJW�WJHJN[FGQJX�FWJ�NSNYNFQQ^�WJHTLSNXJI�FY�KFNW�[FQZJ�FSI�XZGXJVZJSYQ^�RJFXZWJI�FY�FRTWYNXJI�HTXY�ZXNSL�YMJ�JǨJHYN[J�NSYJWJXY�RJYMTI��QJXX�UWT[NXNTS�KTW�NRUFNWRJSY��&UUWTUWNFYJ�FQQT\FSHJX�KTW�JXYNRFYJI�NWWJHT[JWFGQJ�FRTZSYX�FWJ�WJHTLSNXJI�NS�YMJ�NSHTRJ�XYFYJRJSY�\MJS�YMJWJ�NX�TGOJHYN[J�J[NIJSHJ�YMFY�YMJ�FXXJY�NX�NRUFNWJI�

(o) Inventories

� .S[JSYTWNJX�HTSXNXY�RFNSQ^�TK�WJUQFHJRJSY�UFWYX�FSI�FWJ�XYFYJI�FY�YMJ�QT\JW�TK�HTXY�FSI�SJY�WJFQNXFGQJ�[FQZJ��(TXY�NX�HFQHZQFYJI�TS�YMJ�\JNLMYJI�F[JWFLJ�GFXNX�

(p) Cash and cash equivalents

� (FXM�FSI�HFXM�JVZN[FQJSYX�HTRUWNXJ�HFXM�TS�MFSI��IJRFSI�IJUTXNYX�\NYM�RFYZWNY^�QJXX�YMFS�YMWJJ�RTSYMX��FSI�GFSP�T[JWIWFKYX��J]HQZINSL�XJHZWJI�GFSP�GFQFSHJX�



(q) Borrowings and borrowing costs

� 9MJ�GTWWT\NSLX�FWJ�NSNYNFQQ^�RJFXZWJI�FY�KFNW�[FQZJ��SJY�TK�YWFSXFHYNTS�HTXYX��FSI�FWJ�XZGXJVZJSYQ^�HFWWNJI�FY�FRTWYNXJI�HTXY��&S^�INǨJWJSHJ�GJY\JJS�YMJ�UWTHJJIX� SJY�TK�YWFSXFHYNTS�HTXYX��FSI�YMJ�XJYYQJRJSY�TW�WJIJRUYNTS�TK�GTWWT\NSLX�NX�WJHTLSNXJI�T[JW�YMJ�UJWNTI�TK�YMJ�GTWWT\NSLX�ZXNSL�YMJ�JǨJHYN[J�NSYJWJXY�RJYMTI�

� 'TWWT\NSL�HTXYX�INWJHYQ^�FYYWNGZYFGQJ�YT�YMJ�FHVZNXNYNTS��HTSXYWZHYNTS�TW�UWTIZHYNTS�TK�VZFQNK^NSL�FXXJYX��\MNHM�FWJ�FXXJYX�YMFY�SJHJXXFWNQ^�YFPJ�F�XZGXYFSYNFQ�UJWNTI�TK�YNRJ�YT�LJY�WJFI^�KTW�YMJNW�NSYJSIJI�ZXJ�TW�XFQJ��FWJ�FIIJI�YT�YMJ�HTXY�TK�YMTXJ�FXXJYX��ZSYNQ�XZHM�YNRJ�FX�YMJ�FXXJYX�FWJ�XZGXYFSYNFQQ^�WJFI^�KTW�YMJNW�NSYJSIJI�ZXJ�TW�XFQJ��&QQ�TYMJW�GTWWT\NSL�costs are recognised in the income statement in the period in which they are incurred.

(r) Trade and other payables

� 9WFIJ�FSI�TYMJW�UF^FGQJX�FWJ�NSNYNFQQ^�WJHTLSNXJI�FY�KFNW�[FQZJ�FSI�XZGXJVZJSYQ^�RJFXZWJI�FY�FRTWYNXJI�HTXY�ZXNSL�YMJ�JǨJHYN[J�NSYJWJXY�RJYMTI�

(s) Provisions

� 5WT[NXNTSX�FWJ�WJHTLSNXJI�\MJS�NY�NX�UWTGFGQJ�YMFY�FS�TZYǪT\�TK�JHTSTRNH�GJSJǩYX�\NQQ�GJ�WJVZNWJI�YT�XJYYQJ�F�UWJXJSY�TGQNLFYNTS�FX�F�WJXZQY�TK�UFXY�J[JSYX�FSI�F�WJQNFGQJ�JXYNRFYJ�HFS�GJ�RFIJ�TK�YMJ�FRTZSY�TK�YMJ�TGQNLFYNTS�

(t) Asset impairment

� &XXJYX�YMFY�MF[J�FS�NSIJǩSNYJ�ZXJKZQ�QNKJ�FWJ�YJXYJI�KTW�NRUFNWRJSY�FSSZFQQ^��&XXJYX�YMFY�FWJ�XZGOJHY�YT�IJUWJHNFYNTS�and amortisation are reviewed for impairment to determine whether there is any indication that the carrying values of YMJXJ�FXXJYX�RF^�STY�GJ�WJHT[JWFGQJ�FSI�MF[J�XZǨJWJI�FS�NRUFNWRJSY�QTXX��.K�FS^�XZHM�NSINHFYNTS�J]NXYX��YMJ�WJHT[JWFGQJ�FRTZSY�TK�YMJ�FXXJY�NX�JXYNRFYJI�NS�TWIJW�YT�IJYJWRNSJ�YMJ�J]YJSY�TK�YMJ�NRUFNWRJSY�QTXX��NK�FS^��9MJ�WJHT[JWFGQJ�FRTZSY�NX�YMJ�MNLMJW�TK�FS�FXXJYǆX�KFNW�[FQZJ�QJXX�HTXYX�YT�XJQQ�FSI�[FQZJ�NS�ZXJ��8ZHM�NRUFNWRJSY�QTXX�NX�WJHTLSNXJI�NS�UWTǩY�TW�QTXX�J]HJUY�\MJWJ�YMJ�FXXJY�NX�HFWWNJI�FY�[FQZFYNTS�FSI�YMJ�NRUFNWRJSY�QTXX�ITJX�STY�J]HJJI�YMJ�WJ[FQZFYNTS�surplus for that asset, in which case it is treated as a revaluation decrease.

(u) Pension plans

� 5JSXNTS�UQFSX�FWJ�HQFXXNǩJI�NSYT�IJǩSJI�GJSJǩY�FSI�IJǩSJI�HTSYWNGZYNTS�UQFSX�

� 5JSXNTS�HTXYX�KTW�IJǩSJI�GJSJǩY�UQFSX�FWJ�FXXJXXJI�ZXNSL�YMJ�UWTOJHYJI�ZSNY�HWJINY�RJYMTI��:SIJW�YMNX�RJYMTI��YMJ�cost of providing pensions is charged to income statement so as to spread the regular cost over the future service lives of employees in accordance with the advice of the actuaries who carry out a valuation of the plans. The pension TGQNLFYNTS�NX�RJFXZWJI�FX�YMJ�UWJXJSY�[FQZJ�TK�YMJ�JXYNRFYJI�KZYZWJ�HFXM�TZYǪT\X�ZXNSL�NSYJWJXY�WFYJX�IJYJWRNSJI�G^�WJKJWJSHJ�YT�RFWPJY�^NJQIX�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�GFXJI�TS�MNLM�VZFQNY^�HTWUTWFYJ�GTSIX�\NYM�HZWWJSH^�FSI�YJWR�XNRNQFW�YT�YMJ�JXYNRFYJI�YJWR�TK�GJSJǩY�TGQNLFYNTSX��&QQ�FHYZFWNFQ�LFNSX�FSI�QTXXJX�FWJ�WJHTLSNXJI�NS�KZQQ��NS�YMJ�^JFW�in which they occur, in other comprehensive income.

� 9MJ�HTSYWNGZYNTSX�YT�YMJ�IJǩSJI�HTSYWNGZYNTS�UQFSX�FWJ�HMFWLJI�YT�YMJ�NSHTRJ�XYFYJRJSY�NS�YMJ�^JFW�NSHZWWJI�

� 5JSXNTS�HTXYX�FWJ�HMFWLJI�FLFNSXY�YMJ�NSHTRJ�XYFYJRJSY�\NYMNS�XYFǨ�HTXYX��9MJ�UJSXNTS�UQFSX�FWJ�LJSJWFQQ^�KZSIJI�G^�YMJ�WJQJ[FSY�,WTZU�HTRUFSNJX�YFPNSL�NSYT�FHHTZSY�YMJ�WJHTRRJSIFYNTSX�TK�NSIJUJSIJSY�VZFQNǩJI�FHYZFWNJX�FSI�G^�UF^RJSYX�KWTR�JRUQT^JJX�KTW�HTSYWNGZYTW^�UQFSX�

(v) Foreign exchange

� 9MJ�HTSXTQNIFYJI�FHHTZSYX�FWJ�UWJXJSYJI�NS�-TSL�0TSL�ITQQFWX��\MNHM�NX�XFRJ�FX�YMJ�KZSHYNTSFQ�HZWWJSH^�TK�-5-�9WZXY�

Transactions in foreign currencies are converted at the rates of exchange ruling at the transaction dates. Monetary FXXJYX�FSI�QNFGNQNYNJX�FWJ�YWFSXQFYJI�FY�YMJ�WFYJX�TK�J]HMFSLJ�WZQNSL�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�





(v) Foreign exchange (Continued)

� 9MJ�FHHTZSYX�TK�KTWJNLS�TUJWFYNTSX� N�J��XZGXNINFW^�HTRUFSNJX��FXXTHNFYJI�HTRUFSNJX��OTNSY�[JSYZWJX�TW�GWFSHMJX�\MTXJ�FHYN[NYNJX�FWJ�GFXJI�TW�HTSIZHYJI�NS�F�HTZSYW^�TW�HZWWJSH^�TYMJW�YMFS�YMTXJ�TK�YMJ�9WZXY��FWJ�YWFSXQFYJI�NSYT�-TSL�0TSL�ITQQFWX�ZXNSL�YMJ�^JFW�JSI�WFYJX�TK�J]HMFSLJ�KTW�YMJ�XYFYJRJSY�TK�ǩSFSHNFQ�UTXNYNTS�NYJRX�FSI�YMJ�F[JWFLJ�WFYJX�TK�J]HMFSLJ�KTW�YMJ�^JFW�KTW�YMJ�NSHTRJ�XYFYJRJSY�NYJRX��*]HMFSLJ�INǨJWJSHJX�FWJ�WJHTLSNXJI�NS�TYMJW�HTRUWJMJSXN[J�NSHTRJ�FSI�FHHZRZQFYJI�ZSIJW�YMJ�MJFINSL�TK�J]HMFSLJ�WJXJW[J��*]HMFSLJ�INǨJWJSHJX�FWNXNSL�KWTR�KTWJNLS�HZWWJSH^�GTWWT\NSLX�FSI�TYMJW�HZWWJSH^�NSXYWZRJSYX�IJXNLSFYJI�FX�MJILJX�TK�XZHM�T[JWXJFX�NS[JXYRJSYX��FWJ�WJHTLSNXJI�NS�TYMJW�comprehensive income and accumulated under the heading of exchange reserve.

� *]HMFSLJ�INǨJWJSHJX�FWNXNSL�KWTR�YWFSXQFYNTS�TK�NSYJW�HTRUFS^�QTFS�GFQFSHJX�GJY\JJS�,WTZU�JSYNYNJX�FWJ�WJHTLSNXJI�in other comprehensive income and accumulated under the heading of exchange reserve when such loans form part TK�YMJ�,WTZUǆX�SJY�NS[JXYRJSY�NS�F�KTWJNLS�JSYNY^��4S�YMJ�INXUTXFQ�TK�F�KTWJNLS�TUJWFYNTS� N�J��F�INXUTXFQ�TK�YMJ�,WTZUǆX�JSYNWJ�NSYJWJXY�NS�F�KTWJNLS�TUJWFYNTS��TW�F�INXUTXFQ�NS[TQ[NSL�QTXX�TK�HTSYWTQ�T[JW�F�XZGXNINFW^�YMFY�NSHQZIJX�F�KTWJNLS�TUJWFYNTS��F�INXUTXFQ�NS[TQ[NSL�QTXX�TK�OTNSY�HTSYWTQ�T[JW�F�OTNSY�[JSYZWJ�YMFY�NSHQZIJX�F�KTWJNLS�TUJWFYNTS��TW�F�INXUTXFQ�NS[TQ[NSL�QTXX�TK�XNLSNǩHFSY�NSǪZJSHJ�T[JW�FS�FXXTHNFYJ�YMFY�NSHQZIJX�F�KTWJNLS�TUJWFYNTS��FQQ�TK�YMJ�J]HMFSLJ�LFNSX�TW�QTXXJX�FHHZRZQFYJI�NS�J]HMFSLJ�WJXJW[J�NS�WJXUJHY�TK�YMFY�TUJWFYNTS�FYYWNGZYFGQJ�YT�YMJ�T\SJWX�TK�YMJ�(TRUFS^�FWJ�transferred out of the exchange reserve and are recognised in the income statement.

� .S�FIINYNTS��NS�WJQFYNTS�YT�F�UFWYNFQ�INXUTXFQ�TK�F�XZGXNINFW^�YMFY�ITJX�STY�WJXZQY�NS�YMJ�,WTZU�QTXNSL�HTSYWTQ�T[JW�YMJ�XZGXNINFW^��YMJ�UWTUTWYNTSFYJ�XMFWJ�TK�FHHZRZQFYJI�J]HMFSLJ�INKKJWJSHJX�NX�WJ�FYYWNGZYJI�YT�STS�HTSYWTQQNSL�NSYJWJXYX�FSI�NX�STY�WJHTLSNXJI�NS�YMJ�NSHTRJ�XYFYJRJSY��+TW�FQQ�TYMJW�UFWYNFQ�INXUTXFQX� N�J��UFWYNFQ�INXUTXFQX�TK�FXXTHNFYJX�TW�OTNSY�[JSYZWJX�YMFY�IT�STY�WJXZQY�NS�YMJ�,WTZU�QTXNSL�XNLSNǩHFSY�NSǪZJSHJ�TW�OTNSY�HTSYWTQ��YMJ�proportionate share of the accumulated exchange differences is transferred out of the exchange reserve and is recognised in the income statement.

� &QQ�TYMJW�J]HMFSLJ�INǨJWJSHJX�FWJ�WJHTLSNXJI�NS�YMJ�NSHTRJ�XYFYJRJSY�

(w) Distributions to the Trust’s unitholders

� )NXYWNGZYNTSX�YT�YMJ�9WZXYǆX�ZSNYMTQIJWX�FWJ�WJHTWIJI�NS�JVZNY^�NS�YMJ�UJWNTI�NS�\MNHM�YMJ^�FWJ�FUUWT[JI�KTW�UF^RJSY�

(x) Operating leases

� 1JFXJX�NS�\MNHM�F�XNLSNǩHFSY�UTWYNTS�TK�YMJ�WNXPX�FSI�WJ\FWIX�TK�T\SJWXMNU�TK�FXXJYX�WJRFNSX�\NYM�YMJ�QJFXNSL�HTRUFS^�FWJ�FHHTZSYJI�KTW�FX�TUJWFYNSL�QJFXJX��5F^RJSYX�RFIJ�NSHTRJ�WJHJN[JI�ZSIJW�TUJWFYNSL�QJFXJX�SJY�TK�FS^�NSHJSYN[JX�WJHJN[JI�KWTR�UWT[NIJI�YT�YMJ�QJFXNSL�HTRUFS^�FWJ�HMFWLJI�HWJINYJI�YT�YMJ�NSHTRJ�XYFYJRJSY�TS�F�XYWFNLMY�QNSJ�GFXNX�over the lease periods.

(y) Revenue and other income recognition

� 7J[JSZJ�NX�WJHTLSNXJI�

N�� KTW�UTWYX�FSI�WJQFYJI�XJW[NHJX�FSI�YWFSXUTWYFYNTS�FSI�QTLNXYNHX�XTQZYNTSX��\MJS�YMJ�XJW[NHJ�NX�WJSIJWJI �FSI NN�� KTW�RFSFLJRJSY�FSI�XJW[NHJ�KJJ�NSHTRJ�FSI�X^XYJR�IJ[JQTURJSY�FSI�XZUUTWY�KJJX��\MJS�YMJ�XJW[NHJ�NX�WJSIJWJI�

� .SYJWJXY�NSHTRJ�NX�WJHTLSNXJI�TS�F�YNRJ�UWTUTWYNTS�GFXNX�ZXNSL�YMJ�JǨJHYN[J�NSYJWJXY�RJYMTI�


3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT

� 3TYJ��NSHQZIJX�F�XZRRFW^�TK�YMJ�XNLSNǩHFSY�FHHTZSYNSL�UTQNHNJX�ZXJI�NS�YMJ�UWJUFWFYNTS�TK�YMJ�FHHTZSYX��9MJ�UWJUFWFYNTS�TK�FHHTZSYX�TKYJS�WJVZNWJX�YMJ�ZXJ�TK�OZILJRJSYX�YT�XJQJHY�XUJHNǩH�FHHTZSYNSL�RJYMTIX�FSI�UTQNHNJX�KWTR�XJ[JWFQ�FHHJUYFGQJ�FQYJWSFYN[JX��+ZWYMJWRTWJ��XNLSNǩHFSY�JXYNRFYJX�FSI�FXXZRUYNTSX�HTSHJWSNSL�YMJ�KZYZWJ�RF^�GJ�WJVZNWJI�NS�XJQJHYNSL�FSI�FUUQ^NSL�YMTXJ�RJYMTIX�FSI�UTQNHNJX�NS�YMJ�FHHTZSYX��9MJ�,WTZU�GFXJX�NYX�JXYNRFYJX�FSI�OZILJRJSYX�TS�MNXYTWNHFQ�J]UJWNJSHJ�FSI�[FWNTZX�TYMJW�FXXZRUYNTSX�YMFY�NY�GJQNJ[JX�FWJ�WJFXTSFGQJ�ZSIJW�YMJ�HNWHZRXYFSHJX��&HYZFQ�WJXZQYX�RF^�INKKJW�KWTR�YMJXJ�JXYNRFYJX�FSI�OZILJRJSYX�ZSIJW�INKKJWJSY�assumptions or conditions.

� 9MJ�KTQQT\NSL�NX�F�WJ[NJ\�TK�YMJ�RTWJ�XNLSNǩHFSY�FXXZRUYNTSX�FSI�JXYNRFYJX�FX�\JQQ�FX�YMJ�FHHTZSYNSL�UTQNHNJX�FSI�methods used in the preparation of the accounts.

(a) Long lived assets

� 9MJ�,WTZU�MFX�RFIJ�XZGXYFSYNFQ�NS[JXYRJSYX�NS�YFSLNGQJ�QTSL�QN[JI�FXXJYX�NS�NYX�HTSYFNSJW�YJWRNSFQ�TUJWFYNSL�GZXNSJXX��(MFSLJX�NS�YJHMSTQTL^�TW�HMFSLJX�NS�YMJ�NSYJSIJI�ZXJ�TK�YMJXJ�FXXJYX�RF^�HFZXJ�YMJ�JXYNRFYJI�UJWNTI�TK�ZXJ�TW�[FQZJ�of these assets to change.

� 9MJ�,WTZU�HTSXNIJWX�NYX�FXXJYX�NRUFNWRJSY�FHHTZSYNSL�UTQNH^�YT�GJ�F�UTQNH^�YMFY�WJVZNWJX�TSJ�TK�YMJ�RTXY�J]YJSXN[J�FUUQNHFYNTSX�TK�OZILJRJSYX�FSI�JXYNRFYJX�G^�RFSFLJRJSY�

� &XXJYX�YMFY�FWJ�XZGOJHY�YT�IJUWJHNFYNTS�FWJ�WJ[NJ\JI�YT�IJYJWRNSJ�\MJYMJW�YMJWJ�NX�FS^�NSINHFYNTS�YMFY�YMJ�HFWW^NSL�[FQZJ�TK�YMJXJ�FXXJYX�RF^�STY�GJ�WJHT[JWFGQJ�FSI�MF[J�XZǨJWJI�FS�NRUFNWRJSY�QTXX��.K�FS^�XZHM�NSINHFYNTS�J]NXYX��YMJ�WJHT[JWFGQJ�FRTZSYX�TK�YMJ�FXXJYX�FWJ�JXYNRFYJI�NS�TWIJW�YT�IJYJWRNSJ�YMJ�J]YJSY�TK�YMJ�NRUFNWRJSY�QTXX��NK�FS^��9MJ�WJHT[JWFGQJ�FRTZSY�NX�YMJ�MNLMJW�TK�FS�FXXJYǆX�KFNW�[FQZJ�QJXX�HTXYX�YT�XJQQ�FSI�[FQZJ�NS�ZXJ��8ZHM�NRUFNWRJSY�QTXX�NX�recognised in the income statement except where the asset is carried at valuation and the impairment loss does not exceed the revaluation surplus for that asset, in which case it is treated as a revaluation decrease and is recognised in other comprehensive income.

� 2FSFLJRJSYǆX�OZILJRJSY�NX�WJVZNWJI�NS�YMJ�FWJF�TK�FXXJY�NRUFNWRJSY��UFWYNHZQFWQ^�NS�FXXJXXNSL�� \MJYMJW�FS�J[JSY�MFX�THHZWWJI�YMFY�RF^�NSINHFYJ�YMFY�YMJ�WJQFYJI�FXXJY�[FQZJX�RF^�STY�GJ�WJHT[JWFGQJ � ��\MJYMJW�YMJ�HFWW^NSL�[FQZJ�TK�FS�FXXJY�HFS�GJ�XZUUTWYJI�G^�YMJ�WJHT[JWFGQJ�FRTZSY��GJNSL�YMJ�MNLMJW�TK�KFNW�[FQZJ�QJXX�HTXYX�YT�XJQQ�TW�SJY�UWJXJSY�[FQZJ�TK�KZYZWJ�HFXM�ǪT\X�\MNHM�FWJ�JXYNRFYJI�GFXJI�ZUTS�YMJ�HTSYNSZJI�ZXJ�TK�YMJ�FXXJY�NS�YMJ�,WTZU �FSI� ��YMJ�FUUWTUWNFYJ�PJ^�FXXZRUYNTSX�YT�GJ�FUUQNJI�NS�UWJUFWNSL�HFXM�ǪT\�UWTOJHYNTSX�NSHQZINSL�\MJYMJW�YMJXJ�HFXM�ǪT\�UWTOJHYNTSX�FWJ�INXHTZSYJI�ZXNSL�FS�FUUWTUWNFYJ�WFYJ��(MFSLNSL�YMJ�FXXZRUYNTSX�XJQJHYJI�G^�RFSFLJRJSY�YT�IJYJWRNSJ�YMJ�QJ[JQ��NK�FS^��TK�NRUFNWRJSY��NSHQZINSL�YMJ�INXHTZSY�WFYJX�TW�YMJ�LWT\YM�WFYJ�FXXZRUYNTSX�NS�YMJ�HFXM�ǪT\�UWTOJHYNTSX��HTZQI�RFYJWNFQQ^�FǨJHY�YMJ�SJY�UWJXJSY�[FQZJ�ZXJI�NS�YMJ�NRUFNWRJSY�YJXY�FSI�FX�F�WJXZQY�FǨJHY�YMJ�,WTZUǆX�ǩSFSHNFQ�HTSINYNTS�FSI�WJXZQYX�TK�TUJWFYNTSX��.K�YMJWJ�NX�F�XNLSNǩHFSY�FI[JWXJ�HMFSLJ�NS�YMJ�UWTOJHYJI�UJWKTWRFSHJ�FSI�WJXZQYNSL�KZYZWJ�HFXM�ǪT\�UWTOJHYNTSX��NY�RF^�GJ�SJHJXXFW^�YT�YFPJ�FS�NRUFNWRJSY�HMFWLJ�YT�YMJ�NSHTRJ�XYFYJRJSY�




3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT (CONTINUED)

(b) Goodwill � +TW�YMJ�UZWUTXJX�TK�NRUFNWRJSY�YJXYX��YMJ�WJHT[JWFGQJ�FRTZSY�TK�LTTI\NQQ�NX�IJYJWRNSJI�GFXJI�TS�[FQZJ�NS�ZXJ�

HFQHZQFYNTSX��9MJ�[FQZJ�NS�ZXJ�HFQHZQFYNTSX�UWNRFWNQ^�ZXJ�HFXM�ǪT\�UWTOJHYNTSX�GFXJI�TS�ǩSFSHNFQ�UWTOJHYNTSX�FUUWT[JI�G^�RFSFLJRJSY��9MJWJ�FWJ�F�SZRGJW�TK�FXXZRUYNTSX�FSI�JXYNRFYJX�NS[TQ[JI�KTW�YMJ�UWJUFWFYNTS�TK�HFXM�ǪT\�UWTOJHYNTSX��9MJ�PJ^�FXXZRUYNTSX�FITUYJI�NS�YMJ�[FQZJ�NS�ZXJ�HFQHZQFYNTSX�FWJ�GFXJI�TS�RFSFLJRJSYǆX�GJXY�JXYNRFYJX�FSI�UFXY�J]UJWNJSHJ��(MFSLJX�YT�PJ^�FXXZRUYNTSX�HFS�FǨJHY�XNLSNǩHFSYQ^�YMJ�WJXZQYX�TK�YMJ�NRUFNWRJSY�YJXYX�

� 0J^�FXXZRUYNTSX�FWJ�RFIJ�\NYM�WJXUJHY�YT�YMJ�J]UJHYJI�LWT\YM�NS�WJ[JSZJX�FSI�HTXY�TK�XJW[NHJX�WJSIJWJI��YNRNSL�of future capital expenditures, terminal value growth rates and selection of discount rate, which approximately WJǪJHY�YMJ�WNXPX�NS[TQ[JI��9MJ�LWT\YM�NS�WJ[JSZJX�\NQQ�GJ�FǨJHYJI�G^�YMJ�LWT\YM�NS�GTYM�YMJ�[TQZRJ�TK�HTSYFNSJWX�MFSIQJI�FSI�YFWNǨ��9MJ�[TQZRJ�TK�HTSYFNSJWX�MFSIQJI�\NQQ�GJ�NRUFHYJI�G^�JHTSTRNH�FSI�LQTGFQ�RFWPJY�HTSINYNTSX��FSI�NSǪZJSHJI�G^�YMJ�UJWKTWRFSHJ�FSI�LWT\YM�TK�WJLNTSFQ�FSI�NSYJWSFYNTSFQ�YWFINSL�JHTSTRNJX��.K�PJ^�J]UTWY�RFWPJYX�KTW�QTHFQ�J]UTWYJWX�J]UJWNJSHJ�FS�JHTSTRNH�IT\SYZWS�TW�WJHJXXNTS��J]UTWY�[TQZRJX�RF^�IJHWJFXJ��9MJ�LWT\YM�TK�YFWNǨ�IJUJSIX�TS�YMJ�,WTZUǆX�T[JWFQQ�HTRUJYNYN[JSJXX��\MNHM�NX�IJYJWRNSJI�G^�F�SZRGJW�TK�KFHYTWX��XZHM�FX�LJTLWFUMNHFQ�WJFHM�FSI�HTSSJHYN[NY^��TUJWFYNSL�JǫHNJSH^��GJWYM�F[FNQFGNQNY^��RJLF�[JXXJQ�MFSIQNSL�HFUFGNQNY^��YJHMSTQTL^�TǨJWNSLX��transportation and logistics network and ancillary services and facilities.

� &�XNLSNǩHFSY�UTWYNTS�TK�HTXY�TK�XJW[NHJX�WJSIJWJI�NX�QFGTZW�HTXY�\MNHM�\NQQ�GJ�NRUFHYJI�G^�QFGTZW�XZUUQ^�FSI�NSǪFYNTS��.S�FIINYNTS��YMJ�NSYWTIZHYNTS�TK�J[JW�QFWLJW�[JXXJQX�G^�XMNUUNSL�QNSJX�\NQQ�WJVZNWJ�ZULWFINSL�TK�JVZNURJSY�FSI�SJ\�\TWP�practices to increase productivity so as to remain competitive.

(c) Customer relationships � (ZXYTRJW�WJQFYNTSXMNUX�FHVZNWJI�NS�F�GZXNSJXX�HTRGNSFYNTS�FWJ�WJHTLSNXJI�FY�KFNW�[FQZJ�FY�YMJ�FHVZNXNYNTS�IFYJ��

(ZXYTRJW�WJQFYNTSXMNUX�FWJ�HFWWNJI�FY�HTXY�QJXX�FHHZRZQFYJI�FRTWYNXFYNTS��&RTWYNXFYNTS�NX�HFQHZQFYJI�ZXNSL�YMJ�XYWFNLMY�line method over the expected life of the customer relationships.

� 9MJ�,WTZU�HTSXNIJWX�NYX�NRUFNWRJSY�FHHTZSYNSL�UTQNH^�YT�GJ�F�UTQNH^�YMFY�WJVZNWJX�TSJ�TK�YMJ�RTXY�J]YJSXN[J�FUUQNHFYNTSX�TK�OZILJRJSYX�FSI�JXYNRFYJX�G^�RFSFLJRJSY��.SYFSLNGQJ�FXXJYX�\NYM�IJKNSNYJ�ZXJKZQ�QN[JX�YMFY�FWJ�XZGOJHY�YT�FRTWYNXFYNTS�FWJ�WJ[NJ\JI�YT�IJYJWRNSJ�\MJYMJW�YMJWJ�NX�FS^�NSINHFYNTS�YMFY�YMJ�HFWW^NSL�[FQZJ�TK�YMJXJ�FXXJYX�RF^�STY�GJ�WJHT[JWFGQJ�FSI�MF[J�XZKKJWJI�FS�NRUFNWRJSY�QTXX��.K�FS^�XZHM�NSINHFYNTS�J]NXYX��YMJ�WJHT[JWFGQJ�FRTZSYX�TK�YMJ�NSYFSLNGQJ�FXXJYX�FWJ�JXYNRFYJI�NS�TWIJW�YT�IJYJWRNSJ�YMJ�J]YJSY�TK�YMJ�NRUFNWRJSY�QTXX��NK�FS^��9MJ�WJHT[JWFGQJ�FRTZSY�NX�YMJ�MNLMJW�TK�FS�FXXJYǆX�KFNW�[FQZJ�QJXX�HTXYX�YT�XJQQ�FSI�[FQZJ�NS�ZXJ��8ZHM�NRUFNWRJSY�QTXX�NX�WJHTLSNXJI�NS�YMJ�NSHTRJ�XYFYJRJSY��2FSFLJRJSYǆX�OZILJRJSY�NX�WJVZNWJI�NS�YMJ�FWJF�TK�NSYFSLNGQJ�FXXJY�NRUFNWRJSY��UFWYNHZQFWQ^�NS�FXXJXXNSL�� \MJYMJW�FS�J[JSY�MFX�THHZWWJI�YMFY�RF^�NSINHFYJ�YMFY�YMJ�WJQFYJI�FXXJY�[FQZJX�RF^�STY�GJ�WJHT[JWFGQJ �FSI� ��\MJYMJW�YMJ�HFWW^NSL�[FQZJ�TK�FS�FXXJY�HFS�GJ�XZUUTWYJI�G^�YMJ�WJHT[JWFGQJ�FRTZSY��GJNSL�YMJ�MNLMJW�TK�KFNW�[FQZJ�QJXX�HTXYX�YT�XJQQ�TW�SJY�UWJXJSY�[FQZJ�TK�KZYZWJ�HFXM�KQT\X�\MNHM�FWJ�JXYNRFYJI�GFXJI�ZUTS�YMJ�HTSYNSZJI�ZXJ�TK�YMJ�FXXJY�NS�YMJ�,WTZU�

(d) Depreciation � )JUWJHNFYNTS�TK�TUJWFYNSL�FXXJYX�HTSXYNYZYJX�F�XZGXYFSYNFQ�TUJWFYNSL�HTXY�KTW�YMJ�,WTZU��9MJ�HTXY�TK�ǩ]JI�FXXJYX�NX�

charged as depreciation expense over the estimated useful lives of the respective assets using the straight-line method. 9MJ�,WTZU�UJWNTINHFQQ^�WJ[NJ\X�HMFSLJX�NS�YJHMSTQTL^�FSI�NSIZXYW^�HTSINYNTSX��FXXJY�WJYNWJRJSY�FHYN[NY^�FSI�WJXNIZFQ�[FQZJX�YT�IJYJWRNSJ�FIOZXYRJSYX�YT�JXYNRFYJI�WJRFNSNSL�ZXJKZQ�QN[JX�FSI�IJUWJHNFYNTS�WFYJX�

� &HYZFQ�JHTSTRNH�QN[JX�RF^�INǨJW�KWTR�JXYNRFYJI�ZXJKZQ�QN[JX��5JWNTINH�WJ[NJ\X�HTZQI�WJXZQY�NS�F�HMFSLJ�NS�IJUWJHNFGQJ�

lives and therefore depreciation expense in future periods.



3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT (CONTINUED)

(e) Accrual of net revenue � 7J[JSZJ�NX�FHHWZJI�FY�UJWNTI�JSI�\NYM�WJKJWJSHJ�YT�YMJ�YMWTZLMUZY�MFSIQJI�FSI�YMJ�YJWRX�TK�FLWJJRJSYX�KTW�HTSYFNSJW�

MFSIQNSL�XJW[NHJ��(TSXJVZJSYQ^��WJHTLSNYNTS�TK�WJ[JSZJ�NX�GFXJI�TS�YMJ�[TQZRJ�TK�XJW[NHJX�WJSIJWJI�FX�\JQQ�FX�YMJ�QFYJXY�YFWNǨ�FLWJJI�\NYM�HZXYTRJWX�TW�GJXY�JXYNRFYJI�G^�RFSFLJRJSY��9MNX�JXYNRFYJ�NX�GFXJI�TS�YMJ�QFYJXY�YFWNǨ�FSI�TYMJW�NSIZXYW^�HTSXNIJWFYNTSX�FX�FUUWTUWNFYJ��.K�YMJ�FHYZFQ�WJ[JSZJ�INǨJWX�KWTR�YMJ�JXYNRFYJI�FHHWZFQ��YMNX�\NQQ�MF[J�FS�NRUFHY�on revenue in future periods.

(f) Pension costs

� 9MJ�,WTZU�TUJWFYJX�XJ[JWFQ�IJǩSJI�GJSJǩY�UQFSX��5JSXNTS�HTXYX�KTW�IJǩSJI�GJSJǩY�UQFSX�FWJ�FXXJXXJI�ZXNSL�YMJ�UWTOJHYJI�ZSNY�HWJINY�RJYMTI�NS�FHHTWIFSHJ�\NYM�-TSL�0TSL�&HHTZSYNSL�8YFSIFWIX� ǈ-0&8ǉ�� *RUQT^JJ�'JSJǩYX��Under this method, the cost of providing pensions is charged to consolidated income statement so as to spread the regular cost over the future service lives of employees in accordance with the advice of the actuaries who carry out a [FQZFYNTS�TK�YMJ�UQFSX��9MJ�UJSXNTS�TGQNLFYNTS�NX�RJFXZWJI�FY�YMJ�UWJXJSY�[FQZJ�TK�YMJ�JXYNRFYJI�KZYZWJ�HFXM�TZYǪT\X�ZXNSL�NSYJWJXY�WFYJX�IJYJWRNSJI�G^�WJKJWJSHJ�YT�RFWPJY�^NJQIX�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�GFXJI�TS�MNLM�VZFQNY^�HTWUTWFYJ�GTSIX�\NYM�HZWWJSH^�FSI�YJWR�XNRNQFW�YT�YMJ�JXYNRFYJI�YJWR�TK�GJSJǩY�TGQNLFYNTSX��&QQ�FHYZFWNFQ�LFNSX�FSI�losses are recognised in full, in the year in which they occur, in the consolidated statement of comprehensive income.

� 2FSFLJRJSY�FUUTNSYJI�FHYZFWNJX�YT�HFWW^�TZY�F�KZQQ�[FQZFYNTS�TK�YMJXJ�UJSXNTS�UQFSX�YT�IJYJWRNSJ�YMJ�UJSXNTS�TGQNLFYNTSX�YMFY�FWJ�WJVZNWJI�YT�GJ�INXHQTXJI�FSI�FHHTZSYJI�KTW�NS�YMJ�FHHTZSYX�NS�FHHTWIFSHJ�\NYM�YMJ�-0+78�WJVZNWJRJSYX�

� 9MJ�FHYZFWNJX�ZXJ�FXXZRUYNTSX�FSI�JXYNRFYJX�NS�IJYJWRNSNSL�YMJ�KFNW�[FQZJ�TK�YMJ�IJǩSJI�GJSJǩY�UQFSX�FSI�J[FQZFYJ�FSI�ZUIFYJ�YMJXJ�FXXZRUYNTSX�TS�FS�FSSZFQ�GFXNX��/ZILJRJSY�NX�WJVZNWJI�YT�IJYJWRNSJ�YMJ�UWNSHNUFQ�FHYZFWNFQ�FXXZRUYNTSX�YT�IJYJWRNSJ�YMJ�UWJXJSY�[FQZJ�TK�IJǩSJI�GJSJǩY�TGQNLFYNTSX�FSI�XJW[NHJ�HTXYX��(MFSLJX�YT�YMJ�UWNSHNUFQ�FHYZFWNFQ�FXXZRUYNTSX�HFS�XNLSNǩHFSYQ^�FǨJHY�YMJ�UWJXJSY�[FQZJ�TK�UQFS�TGQNLFYNTSX�FSI�XJW[NHJ�HTXYX�NS�KZYZWJ�UJWNTIX�

(g) Tax

� 9MJ�,WTZU�NX�XZGOJHY�YT�NSHTRJ�YF]JX�NS�INǨJWJSY�OZWNXINHYNTSX��8NLSNǩHFSY�OZILJRJSY�NX�WJVZNWJI�NS�IJYJWRNSNSL�YMJ�provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is ZSHJWYFNS�IZWNSL�YMJ�TWINSFW^�HTZWXJ�TK�GZXNSJXX��9MJ�,WTZU�WJHTLSNXJX�QNFGNQNYNJX�KTW�FSYNHNUFYJI�YF]�FZINY�NXXZJX�GFXJI�TS�JXYNRFYJX�TK�\MJYMJW�FIINYNTSFQ�YF]JX�\NQQ�GJ�IZJ��<MJWJ�YMJ�ǩSFQ�YF]�TZYHTRJ�TK�YMJXJ�RFYYJWX�NX�INǨJWJSY�KWTR�YMJ�FRTZSYX�YMFY�\JWJ�UWJ[NTZXQ^�WJHTWIJI��XZHM�INǨJWJSHJX�\NQQ�NRUFHY�YMJ�NSHTRJ�YF]�FSI�IJKJWWJI�YF]�UWT[NXNTSX�NS�YMJ�period in which such determination is made.

� )JKJWWJI�YF]�NX�UWT[NIJI�NS�KZQQ��ZXNSL�YMJ�QNFGNQNY^�RJYMTI��TS�YJRUTWFW^�INǨJWJSHJX�FWNXNSL�GJY\JJS�YMJ�YF]�GFXJX�TK�FXXJYX�FSI�QNFGNQNYNJX�FSI�YMJNW�HFWW^NSL�[FQZJX�NS�YMJ�FHHTZSYX��)JKJWWJI�YF]�FXXJYX�FWJ�WJHTLSNXJI�KTW�ZSZXJI�YF]�QTXXJX�HFWWNJI�KTW\FWI�YT�YMJ�J]YJSY�NY�NX�UWTGFGQJ�YMFY�KZYZWJ�YF]FGQJ�UWTǩYX�\NQQ�GJ�F[FNQFGQJ�FLFNSXY�\MNHM�YMJ�ZSZXJI�YF]�QTXXJX�HFS�GJ�ZYNQNXJI��GFXJI�TS�FQQ�F[FNQFGQJ�J[NIJSHJ��7JHTLSNYNTS�UWNRFWNQ^�NS[TQ[JX�OZILJRJSY�WJLFWINSL�YMJ�KZYZWJ�ǩSFSHNFQ�UJWKTWRFSHJ�TK�YMJ�UFWYNHZQFW�QJLFQ�JSYNY^�TW�YF]�LWTZU�NS�\MNHM�YMJ�IJKJWWJI�YF]�FXXJY�MFX�GJJS�WJHTLSNXJI��&�[FWNJY^�TK�TYMJW�KFHYTWX�FWJ�FQXT�J[FQZFYJI�NS�HTSXNIJWNSL�\MJYMJW�YMJWJ�NX�HTS[NSHNSL�J[NIJSHJ�YMFY�NY�NX�UWTGFGQJ�YMFY�XTRJ�UTWYNTS�TW�FQQ�TK�YMJ�IJKJWWJI�YF]�FXXJYX�\NQQ�ZQYNRFYJQ^�GJ�WJFQNXJI��XZHM�FX�YMJ�J]NXYJSHJ�TK�YF]FGQJ�YJRUTWFW^�INǨJWJSHJX��LWTZU�WJQNJK��YF]�UQFSSNSL�XYWFYJLNJX�FSI�YMJ�UJWNTIX�NS�\MNHM�JXYNRFYJI�YF]�QTXXJX�HFS�GJ�ZYNQNXJI��9MJ�HFWW^NSL�FRTZSY�TK�IJKJWWJI�YF]�FXXJYX�FSI�WJQFYJI�ǩSFSHNFQ�RTIJQX�FSI�GZILJYX�FWJ�WJ[NJ\JI�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�FSI�YT�YMJ�J]YJSY�YMFY�YMJWJ�NX�NSXZǫHNJSY�HTS[NSHNSL�J[NIJSHJ�YMFY�XZǫHNJSY�YF]FGQJ�UWTǩYX�\NQQ�GJ�F[FNQFGQJ�\NYMNS�YMJ�ZYNQNXFYNTS�UJWNTIX�YT�FQQT\�ZYNQNXFYNTS�TK�YMJ�HFWW^�KTW\FWI�YF]�QTXXJX��YMJ�FXXJY�GFQFSHJ�\NQQ�GJ�reduced and charged to the consolidated income statement.



4 REVENUE AND OTHER INCOME AND SEGMENT INFORMATION

(a) Revenue and other income

2014 2013 HK$’000 HK$’000

7J[JSZJ� �� 7JSIJWNSL�TK�UTWY�FSI�WJQFYJI�XJW[NHJX� �� 7JSIJWNSL�TK�YWFSXUTWYFYNTS�FSI�QTLNXYNHX�XTQZYNTSX� �� 2FSFLJRJSY�FSI�XJW[NHJ�KJJ�NSHTRJ�� 8^XYJR�IJ[JQTURJSY�FSI�XZUUTWY�KJJX� �� 4YMJWX� ��

� � �� 4YMJW�NSHTRJ� �

� � .SYJWJXY�NSHTRJ��

� � ��

(b) Segment information

� 9MJ�HMNJK�TUJWFYNSL�IJHNXNTS�RFPJW�MFX�GJJS�IJYJWRNSJI�YT�GJ�YMJ�J]JHZYN[J�HTRRNYYJJ�TK�-5-�9WZXY� YMJ�ǈ*]JHZYN[J�(TRRNYYJJǉ��9MJ�*]JHZYN[J�(TRRNYYJJ�WJ[NJ\X�YMJ�NSYJWSFQ�WJUTWYNSL�NS�TWIJW�YT�FXXJXX�UJWKTWRFSHJ�FSI�FQQTHFYJ�WJXTZWHJX��2FSFLJRJSY�MFX�IJYJWRNSJI�YMJ�TUJWFYNSL�XJLRJSYX�GFXJI�TS�YMJXJ�WJUTWYX��

� -5-�9WZXY�NX�UWNSHNUFQQ^�JSLFLJI�NS�NS[JXYNSL�NS��IJ[JQTUNSL��TUJWFYNSL�FSI�RFSFLNSL�IJJU�\FYJW�HTSYFNSJW�UTWYX�FSI�UTWY�FSHNQQFW^�XJW[NHJX�FSI�YMJWJKTWJ�RFSFLJRJSY�HTSXNIJWX�YMFY�-5-�9WZXY�TUJWFYJX�NS�TSJ�XNSLQJ�GZXNSJXX�XJLRJSY�

� )NXHQTXZWJX�G^�LJTLWFUMNHFQ�QTHFYNTS�FWJ�XMT\S�GJQT\��

Revenue and other income Non-current assets 2014 2013 2014 2013 HK$’000 HK$’000 HK$’000 HK$’000

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5 OPERATING PROFIT

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6 INTEREST AND OTHER FINANCE COSTS

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8 DISTRIBUTIONS

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9 (LOSS)/EARNINGS PER UNIT

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10 FIxED ASSETS

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11 PROJECTS UNDER DEVELOPMENT

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12 LEASEHOLD LAND AND LAND USE RIGHTS

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13 RAILWAY USAGE RIGHTS

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14 INTANGIBLE ASSETS

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15 ASSOCIATED COMPANIES

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16 JOINT VENTURES

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17 INVESTMENTS

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18 DEFERRED TAx

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19 CASH AND CASH EqUIVALENTS

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20 TRADE AND OTHER RECEIVABLES

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22 BANK LOANS

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23 PENSION OBLIGATIONS

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26 RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

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28 COMMITMENTS

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29 RELATED PARTIES TRANSACTIONS

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29 RELATED PARTIES TRANSACTIONS (CONTINUED)

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� 9MJ�9WZXYJJ�2FSFLJW�NX�JSYNYQJI�YT�UJWKTWRFSHJ�KJJ�\MJS�YMJ�INXYWNGZYNTS�UJW�ZSNY� ǈ)5:ǉ��KTW�F�UFWYNHZQFW�^JFW�

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� &HVZNXNYNTS�KJJ�\FX�WJQFYJI�YT�YMJ�FHVZNXNYNTS�TK�YMJ�JSYNWJ�NXXZJI�XMFWJ�HFUNYFQ�TK�&XNF�(TSYFNSJW�9JWRNSFQX�

-TQINSLX�1NRNYJI�NS�2FWHM��.Y�\FX�HFQHZQFYJI�GFXJI�TS��TK�YMJ�JSYJWUWNXJ�[FQZJ� FX�IJǩSJI�NS�YMJ�9WZXY�)JJI��TK�XZHM�NS[JXYRJSYX��

L�� ,QTGFQ�XZUUTWY�XJW[NHJX�KJJX�NS�WJXUJHY�TK�FIRNSNXYWFYNTS�XJW[NHJX��FSI�QNHJSHJ�KTW�HJWYFNS�NSYJQQJHYZFQ�UWTUJWY^�rights were charged at prices and terms mutually agreed.

M�� .9�XZUUTWY�FSI�RFNSYJSFSHJ�XJW[NHJX�KJJX�NS�WJXUJHY�TK�YMJ�XZUUTWY�FSI�RFNSYJSFSHJ�TK�.9�X^XYJRX�UFNI�YT�FS�associated company and related companies were charged at prices and terms mutually agreed.

N�� 9JQJHTRRZSNHFYNTS�HMFWLJX�UFNI�YT�WJQFYJI�HTRUFSNJX�\JWJ�HMFWLJI�FY�UWNHJX�FSI�YJWRX�RZYZFQQ^�FLWJJI�

O�� 8JHZWNY^�LZFWIX�XJW[NHJ�KJJX�UFNI�YT�F�WJQFYJI�HTRUFS^�\JWJ�HMFWLJI�FY�UWNHJX�FSI�YJWRX�RZYZFQQ^�FLWJJI� P�� &HVZNXNYNTS�TK�ǩ]JI�FXXJYX�KWTR�F�WJQFYJI�HTRUFS^�\JWJ�HMFWLJI�FY�UWNHJX�FSI�YJWRX�RZYZFQQ^�FLWJJI�



29 RELATED PARTIES TRANSACTIONS (CONTINUED)

(ii) Key management compensation

� 0J^�RFSFLJRJSY�TK�YMJ�,WTZU�NSHQZIJX�RFSFLNSL�INWJHYTWX�FSI�PJ^�RFSFLJRJSY�TK�YMJ�IJJU�\FYJW�HTSYFNSJW�UTWYX�TK�YMJ�,WTZU��9MJ�HTRUJSXFYNTS�UFNI�TW�UF^FGQJ�YT�PJ^�RFSFLJRJSY�KTW�JRUQT^JJ�XJW[NHJX�NX�XMT\S�GJQT\�

2014 2013 HK$’000 HK$’000 8FQFWNJX�FSI�JRUQT^JJ�GJSJǩYX� ��

30 FINANCIAL RISK AND CAPITAL MANAGEMENT � 9MJ�RFOTW�ǩSFSHNFQ�NSXYWZRJSYX�TK�YMJ�,WTZU�NSHQZIJ�QNVZNI�KZSIX��NS[JXYRJSYX��YWFIJ�FSI�TYMJW�WJHJN[FGQJX��YWFIJ�FSI�

TYMJW�UF^FGQJX�FSI�GTWWT\NSLX��)JYFNQX�TK�YMJXJ�ǩSFSHNFQ�NSXYWZRJSYX�FWJ�INXHQTXJI�NS�YMJ�WJXUJHYN[J�STYJX�YT�YMJ�FHHTZSYX��9MJ�WNXP�RFSFLJRJSY�UWTLWFRRJ�TK�YMJ�,WTZU�NX�IJXNLSJI�YT�RNSNRNXJ�YMJ�ǩSFSHNFQ�WNXPX�TK�YMJ�,WTZU��9MJXJ�WNXPX�NSHQZIJ�HWJINY�WNXP��NSYJWJXY�WFYJ�WNXP��KTWJNLS�HZWWJSH^�WNXP�FSI�QNVZNINY^�WNXP�

(a) Cash management and funding � 9MJ�,WTZU�LJSJWFQQ^�TGYFNSX�QTSL�YJWR�ǩSFSHNSL�YT�RJJY�KZSINSL�WJVZNWJRJSYX��2FSFLJRJSY�TK�YMJ�,WTZU�WJLZQFWQ^�FSI�

HQTXJQ^�RTSNYTWX�NYX�T[JWFQQ�SJY�IJGY�UTXNYNTS�FSI�WJ[NJ\X�NYX�KZSINSL�HTXYX�FSI�RFYZWNY^�UWTǩQJ�YT�KFHNQNYFYJ�WJǩSFSHNSL��

(b) Capital management � 9MJ�,WTZUǆX�XYWFYJL^�NS[TQ[JX�FITUYNSL�FSI�RFNSYFNSNSL�FS�FUUWTUWNFYJ�RN]�TK�IJGY�FSI�JVZNY^�YT�JSXZWJ�TUYNRFQ�WJYZWSX�

YT�ZSNYMTQIJWX��\MNQJ�RFNSYFNSNSL�XZǫHNJSY�ǪJ]NGNQNY^�YT�NRUQJRJSY�LWT\YM�XYWFYJLNJX�

� 9MJ�,WTZU�RF^�HTSXNIJW�IN[JWXNK^NSL�NYX�XTZWHJX�TK�IJGY�ǩSFSHNSL�G^�FHHJXXNSL�YMJ�IJGY�HFUNYFQ�RFWPJYX�YMWTZLM�YMJ�NXXZFSHJ�TK�GTSIX�YT�TUYNRNXJ�YMJ�IJGY�RFYZWNY^�UWTǩQJ�FSI�YT�RFPJ�FIOZXYRJSYX�YT�YMJ�HFUNYFQ�XYWZHYZWJ�NS�QNLMY�TK�changes in economic conditions.

� 9MJ�,WTZU�MFX�HTRUQNJI�\NYM�FQQ�J]YJWSFQQ^�NRUTXJI�HT[JSFSY�WJVZNWJRJSYX�IZWNSL�YMJ�^JFW�

(c) Credit exposure

� 9MJ�,WTZUǆX�MTQINSLX�TK�HFXM�FSI�HFXM�JVZN[FQJSYX�J]UTXJ�YMJ�,WTZU�YT�HTZSYJWUFWY^�HWJINY�WNXP��9MJ�,WTZU�HTSYWTQX�NYX�HWJINY�WNXP�YT�STS�UJWKTWRFSHJ�G^�NYX�HTZSYJWUFWYNJX�YMWTZLM�WJLZQFW�WJ[NJ\�FSI�RTSNYTWNSL�TK�YMJNW�HWJINY�WFYNSLX�

� 9MJ�WJHJN[FGQJX�KWTR�HZXYTRJWX�FSI�TYMJW�HTZSYJWUFWYNJX�FQXT�J]UTXJ�YMJ�,WTZU�YT�HWJINY�WNXP��9MJ�,WTZU�HTSYWTQX�NYX�HWJINY�WNXP�G^�FXXJXXNSL�YMJ�HWJINY�VZFQNY^�TK�YMJ�HZXYTRJW��YFPNSL�NSYT�FHHTZSY�NYX�ǩSFSHNFQ�UTXNYNTS��UFXY�J]UJWNJSHJ�FSI�TYMJW�KFHYTWX��.SIN[NIZFQ�WNXP�QNRNYX�FWJ�XJY�GFXJI�TS�NSYJWSFQ�TW�J]YJWSFQ�WFYNSLX�NS�FHHTWIFSHJ�\NYM�QNRNYX�XJY�G^�YMJ�management. The utilisation of credit limits is regularly monitored.



30 FINANCIAL RISK AND CAPITAL MANAGEMENT (CONTINUED)

(d) Interest rate exposure

� 9MJ�,WTZUǆX�RFNS�NSYJWJXY�WNXP�J]UTXZWJX�WJQFYJ�YT�HFXM�FSI�HFXM�JVZN[FQJSYX��QTFSX�KWTR�STS�HTSYWTQQNSL�NSYJWJXYX�FSI�GFSP�GTWWT\NSLX��9MJ�,WTZU�RFSFLJX�NYX�NSYJWJXY�WFYJ�J]UTXZWJ�\NYM�F�KTHZX�TS�WJIZHNSL�YMJ�,WTZUǆX�T[JWFQQ�HTXY�TK�IJGY�FSI�J]UTXZWJ�YT�HMFSLJX�NS�NSYJWJXY�WFYJX�

� 9MJ�NRUFHY�TK�F�M^UTYMJYNHFQ��GFXNX�UTNSYX�NSHWJFXJ�NS�RFWPJY�NSYJWJXY�WFYJ�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�\TZQI�WJIZHJ�YMJ�,WTZUǆX�UWTǩY�FSI�ZSNYMTQIJWXǆ�JVZNY^�G^�-0�� -0��

(e) Foreign currency exposure

� +TW�T[JWXJFX�XZGXNINFWNJX��FXXTHNFYJI�HTRUFSNJX�FSI�OTNSY�[JSYZWJX��\MNHM�HTSXNXY�TK�STS�-TSL�0TSL�ITQQFW�FXXJYX��YMJ�,WTZU�LJSJWFQQ^�RTSNYTWX�YMJ�IJ[JQTURJSY�TK�YMJ�,WTZUǆX�HFXM�ǪT\X�FSI�IJGY�RFWPJY�FSI��\MJS�FUUWTUWNFYJ��\TZQI�J]UJHY�YT�WJǩSFSHJ�YMJXJ�GZXNSJXXJX�\NYM�QTHFQ�HZWWJSH^�GTWWT\NSLX�

� (ZWWJSH^�WNXP�FX�IJǩSJI�G^�-0+78��FWNXJX�TS�ǩSFSHNFQ�NSXYWZRJSYX�IJSTRNSFYJI�NS�F�HZWWJSH^�YMFY�NX�STY�YMJ�KZSHYNTSFQ�HZWWJSH^�FSI�GJNSL�TK�F�RTSJYFW^�SFYZWJ��)NǨJWJSHJX�WJXZQYNSL�KWTR�YMJ�YWFSXQFYNTS�TK�FHHTZSYX�TK�T[JWXJFX�XZGXNINFWNJX�NSYT�YMJ�,WTZUǆX�UWJXJSYFYNTS�HZWWJSH^�FWJ�YMJWJKTWJ�STY�YFPJS�NSYT�HTSXNIJWFYNTS�KTW�YMJ�UZWUTXJ�TK�YMJ�XJSXNYN[NY^�analysis for currency risk.

� 9MJ�NRUFHY�TK�F�M^UTYMJYNHFQ��\JFPJSNSL�TK�YMJ�-0�ITQQFW�FLFNSXY�FQQ�J]HMFSLJ�WFYJX�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI��\NYM�FQQ�TYMJW�[FWNFGQJX�MJQI�HTSXYFSY��TS�YMJ�,WTZUǆX�UWTǩY�KTW�YMJ�^JFW�NX�XJY�TZY�FX�GJQT\�

Hypothetical increase/� � � � IJHWJFXJ��NS�UWTǩY 2014 2013 HK$’000 HK$’000 7JSRNSGN� �� :SNYJI�8YFYJX�ITQQFW� �� 8NSLFUTWJ�ITQQFW� ��

� � � � ��




(f) Liquidity exposure

� 9MJ�KTQQT\NSL�YFGQJX�IJYFNQ�YMJ�WJRFNSNSL�HTSYWFHYZFQ�RFYZWNYNJX�FY�YMJ�JSI�TK�YMJ�WJUTWYNSL�UJWNTI�TK�YMJ�,WTZUǆX�FSI�YMJ�9WZXYǆX�STS�IJWN[FYN[J�ǩSFSHNFQ�QNFGNQNYNJX��\MNHM�FWJ�GFXJI�TS�HTSYWFHYZFQ�ZSINXHTZSYJI�UWNSHNUFQ�HFXM�ǪT\X�FSI�YMJ�JFWQNJXY�IFYJ�TS�\MNHM�YMJ�,WTZU�FSI�YMJ�9WZXY�HFS�GJ�WJVZNWJI�YT�UF^�

Contractual maturities Total Carrying undiscounted Within Within� � � � � � FRTZSYX� HFXM�ǪT\X� ��^JFW� ��YT��^JFWX HK$’000 HK$’000 HK$’000 HK$’000

Group

20149WFIJ�FSI�TYMJW�UF^FGQJX� � � �� 'FSP�QTFSX�FSI�TYMJW�STS�HZWWJSY�QNFGNQNYNJX� � � ��

� � � � � � ��

20139WFIJ�FSI�TYMJW�UF^FGQJX� � � �� 'FSP�QTFSX�FSI�TYMJW�STS�HZWWJSY�QNFGNQNYNJX� � � ��

� � � � � � ��

� 9MJ�YFGQJ�KTW�YMJ�,WTZU�FGT[J�J]HQZIJX�NSYJWJXY�FHHWZNSL�FSI�UF^FGQJ�TS�HJWYFNS�TK�YMJXJ�QNFGNQNYNJX�\MNHM�FWJ�JXYNRFYJI�YT�GJ�-0�� -0��NS�ǈ\NYMNS��^JFWǉ�RFYZWNY^�GFSI��-0�� -0��NS�ǈ\NYMNS��YT��^JFWXǉ�RFYZWNY^�GFSI��FSI�FKYJW�FXXZRNSL�YMJ�JǨJHY�TK�NSYJWJXY�WFYJX�\NYM�WJXUJHY�YT�[FWNFGQJ�WFYJ�ǩSFSHNFQ�QNFGNQNYNJX�WJRFNSNSL�HTSXYFSY�FSI�ST�HMFSLJ�NS�FLLWJLFYJ�UWNSHNUFQ�FRTZSY�TK�ǩSFSHNFQ�QNFGNQNYNJX�TYMJW�YMFS�WJUF^RJSY�FY�XHMJIZQJI�RFYZWNY^�FX�WJǪJHYJI�NS�YMJ�YFGQJ�

Contractual maturities Total Carrying undiscounted Within Within� � � � � � FRTZSYX� HFXM�ǪT\X� ��^JFW� ��YT��^JFWX HK$’000 HK$’000 HK$’000 HK$’000

Trust

20149WFIJ�FSI�TYMJW�UF^FGQJX� � � ��

20139WFIJ�FSI�TYMJW�UF^FGQJX� � � ��




(g) Fair value estimation

� 9MJ�ǩSFSHNFQ�NSXYWZRJSYX�TK�YMJ�,WTZU�YMFY�FWJ�RJFXZWJI�FY�KFNW�[FQZJ�FY��)JHJRGJW��\JWJ�YMJ�NS[JXYRJSYX��9MJ�NS[JXYRJSYX�RFNSQ^�HTRUWNXJ�YMJ�7N[JW�5TWYX�*HTSTRNH�'JSJǩYX��NS�\MNHM�YMJ�KFNW�[FQZJ�RJFXZWJRJSY�NX�HQFXXNǩJI�FX�1J[JQ��TK�YMJ�KFNW�[FQZJ�RJFXZWJRJSY�MNJWFWHM^� NSUZYX�KTW�YMJ�FXXJYX�YMFY�FWJ�STY�GFXJI�TS�TGXJW[FGQJ�RFWPJY�IFYF� N�J��ZSTGXJW[FGQJ�NSUZYX��NS�FHHTWIFSHJ�\NYM�YMJ�INXHQTXZWJ�WJVZNWJRJSY�TK�-0+78��FSI�-0+78��KTW�ǩSFSHNFQ�NSXYWZRJSYX��)NXHTZSYJI�HFXM�ǪT\�FSFQ^XNX�\FX�ZXJI�YT�IJYJWRNSJ�YMJ�KFNW�[FQZJ�TK�YMJ�ǩSFSHNFQ�NSXYWZRJSYX�

31 LIST OF SUBSIDIARY COMPANIES OF THE GROUP

(a) Details of principal subsidiary companies of the Group at 31 December 2014 are as follows:

Place of incorporation/ Particulars of Name establishment Principal activities issued share capital Interest held

� -5-9�1NRNYJI �� -TSL�0TSL� .S[JXYRJSY�MTQINSL� -0�� ,NFSYǩJQI�7JXTZWHJX�1NRNYJI �� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��TWINSFW^�XMFWJX� �� TK�:8��JFHM

� (QFXXNH�4ZYQTTP� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��TWINSFW^� �� .S[JXYRJSYX�1NRNYJI �� XMFWJX�TK�:8��JFHM � -.9�.S[JXYRJSYX�1NRNYJI �� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��TWINSFW^�ǈ&ǉ�XMFWJX� �� TK�:8��JFHM� � � � � � � ��STS�[TYNSL�UWJKJWWJI�ǈ'ǉ�� XMFWJX�TK�:8��JFHM�

� -.9�-TQINSLX�1NRNYJI �� -TSL�0TSL� .S[JXYRJSY�MTQINSL� -0��ǈ&ǉ�XMFWJX ��

� � � � � � � -0��ǈ'ǉ�XMFWJX ��

� � � � � � � -0��ǈ5ǉ�XMFWJX ��

� 5JFWQ�8UNWNY�1NRNYJI �� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��TWINSFW^�XMFWJ�TK�:8�� -TSLPTSL�.SYJWSFYNTSFQ� -TSL�0TSL� )J[JQTURJSY�FSI� -0�� 9JWRNSFQX�1NRNYJI �� operation of container terminals



31 LIST OF SUBSIDIARY COMPANIES OF THE GROUP (CONTINUED)

(a) Details of principal subsidiary companies of the Group at 31 December 2014 are as follows (Continued):

Place of incorporation/ Particulars of Name establishment Principal activities issued share capital Interest held

� >FSYNFS�.SYJWSFYNTSFQ� 57(� )J[JQTURJSY�FSI�� -0�� (TSYFNSJW�9JWRNSFQX�1NRNYJI �� operation of container terminals

� >FSYNFS�.SYJWSFYNTSFQ�(TSYFNSJW� 57(� )J[JQTURJSY�FSI� -0�� 9JWRNSFQX� 5MFXJ�...��1NRNYJI �� operation of container terminals � 8MJS_MJS�5NSL^FS�2ZQYNRTIFQ� 57(� 5WT[NXNTS�TK�[FWNTZX� 72'�� (TRUFS^�1NRNYJI �� transportation services � 8MJS_MJS�>FSYNFS�<JXY�5TWY� 57(� )J[JQTURJSY�FSI� 72'�� 9JWRNSFQX�1NRNYJI �� operation of container terminals

� -ZYHMNXTS�5TWYX� -TSL�0TSL� .S[JXYRJSY�MTQINSL� -0�� >FSYNFS�1NRNYJI ��

� <FYYWZX�1NRNYJI �� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��ǈ&ǉ�XMFWJX�TK�:8��JFHM��

� � � � � � ��ǈ'ǉ�XMFWJX�TK�:8��JFHM� � 8NLRF�*SYJWUWNXJX�1NRNYJI �� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��ǈ&ǉ�XMFWJX�TK�:8��JFHM��

� � � � � � ��ǈ'ǉ�XMFWJX�TK�:8��JFHM� � -ZYHMNXTS�5TWYX�>FSYNFS� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��TWINSFW^�XMFWJX� �� .S[JXYRJSYX�1NRNYJI �� TK�:8��JFHM � 'NWWTSL�1NRNYJI �� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��TWINSFW^�XMFWJX�� TK�:8��JFHM � -ZYHMNXTS�8MJS_MJS�*FXY� 'WNYNXM�;NWLNS�.XQFSIX� .S[JXYRJSY�MTQINSL� ��TWINSFW^�XMFWJ�TK�:8�� .S[JXYRJSYX�1NRNYJI ��

�� &ZINYJI�G^�5WNHJ\FYJWMTZXJ(TTUJWX�SJY\TWP�ǩWRX�� 3TY�WJVZNWJI�YT�GJ�FZINYJI�ZSIJW�YMJ�QF\X�TK�YMJ�HTZSYW^�TK�NSHTWUTWFYNTS�� 9MJ�(TRUFSNJX�4WINSFSHJ� (MFUYJW��TK�9MJ�1F\X�TK�-TSL�0TSL��\MNHM�HFRJ�NSYT�JǨJHY�TS��2FWHM��FGTQNXMJX�YMJ�HTSHJUY�TK�UFW�

[FQZJ�TK�-TSL�0TSL�NSHTWUTWFYJI�HTRUFSNJX��&QQ�XMFWJX�TK�-TSL�0TSL�NSHTWUTWFYJI�HTRUFSNJX�NXXZJI�GJKTWJ��TS�TW�FKYJW��2FWHM��XMFQQ�have no par value

�� ǈ&ǉ�FSI�ǈ'ǉ�XMFWJX�HFWW^�RNSNRFQ�[TYNSL�WNLMY� N�J��TSJ�RNQQNTSYM�TK�F�[TYJ�KTW�JFHM�XMFWJ�� ǈ5ǉ�XMFWJX�MJQI

Appointment of auditors� 9MJ�9WZXY�MFX�HTRUQNJI�\NYM�7ZQJX��FSI��TK�YMJ�1NXYNSL�2FSZFQ�TK�YMJ�8,=�89�NS�WJQFYNTS�YT�NYX�FZINYTWX�


31 LIST OF SUBSIDIARY COMPANIES OF THE GROUP (CONTINUED)

(b) Material non-controlling interests

� >FSYNFS�.SYJWSFYNTSFQ�(TSYFNSJW�9JWRNSFQX�1NRNYJI��>FSYNFS�.SYJWSFYNTSFQ�(TSYFNSJW�9JWRNSFQX� 5MFXJ�...��1NRNYJI��8MJS_MJS�>FSYNFS�<JXY�5TWY�9JWRNSFQX�1NRNYJI��<FYYWZX�1NRNYJI�FSI�8NLRF�*SYJWUWNXJX�1NRNYJI�FWJ�YMJ�XZGXNINFW^�HTRUFSNJX�\NYM�STS�HTSYWTQQNSL�NSYJWJXYX�YMFY�FWJ�RFYJWNFQ�YT�YMJ�,WTZU�

� 8JY�TZY�GJQT\�FWJ�YMJ�XZRRFWNXJI�ǩSFSHNFQ�NSKTWRFYNTS�KTW�YMJXJ�XZGXNINFW^�HTRUFSNJX�

8ZRRFWNXJI�XYFYJRJSY�TK�ǩSFSHNFQ�UTXNYNTS

2014 2013 HK$’000 HK$’000 3TS�HZWWJSY�FXXJYX� �� (ZWWJSY�FXXJYX� ��

9TYFQ�FXXJYX� ��

3TS�HZWWJSY�QNFGNQNYNJX� �� (ZWWJSY�QNFGNQNYNJX� ��


Summarised income statement 2014 2013 HK$’000 HK$’000 7J[JSZJ�FSI�TYMJW�NSHTRJ� ��


8ZRRFWNXJI�XYFYJRJSY�TK�HFXM�ǪT\X 2014 2013 HK$’000 HK$’000 3JY�HMFSLJ�NS�HFXM�FSI�HFXM�JVZN[FQJSYX� ��

9MJ�NSKTWRFYNTS�FGT[J�NX�YMJ�FRTZSY�GJKTWJ�NSYJW�HTRUFS^�JQNRNSFYNTSX�

32 APPROVAL OF THE ACCOUNTS

� 9MJ�FHHTZSYX�XJY�TZY�TS�UFLJX��YT��\JWJ�FUUWT[JI�G^�YMJ�'TFWI�TK�)NWJHYTWX�TK�YMJ�9WZXYJJ�2FSFLJW�KTW�NXXZJ�TS� ��+JGWZFW^��



STATISTICSOF UNITHOLDINGS&X�FY��2FWHM��

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DISTRIBUTION OF UNITHOLDINGS

SIZE OF UNITHOLDINGS NO. OF UNITHOLDERS % NO. OF UNITS %

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SUBSTANTIAL UNITHOLDERS

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Direct interest Deemed interest Unitholders No.of Units % No. of Units %

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STATISTICSOF UNITHOLDINGS&X�FY��2FWHM��

TWENTY LARGEST UNITHOLDERS

NO. NAME NO. OF UNITS % �� -ZYHMNXTS�5TWY�,WTZU�-TQINSLX�1NRNYJI�� (NYNGFSP�3TRNSJJX�8NSLFUTWJ�5YJ�1YI� � �� )'8�3TRNSJJX� 5WN[FYJ��1NRNYJI� � �� 5TWYHFUNYFQ�1NRNYJI�� )'83�8JW[NHJX�5YJ��1YI�� -8'(� 8NSLFUTWJ��3TRNSJJX�5YJ�1YI� � � �� 7FǬJX�3TRNSJJX� 5YJ��1NRNYJI� � � �� :SNYJI�4[JWXJFX�'FSP�3TRNSJJX� 5WN[FYJ��1NRNYJI� � � �� )'8�;NHPJWX�8JHZWNYNJX� 8NSLFUTWJ��5YJ�1YI� � � �� )'�3TRNSJJX� 8NSLFUTWJ��5YJ�1YI� � � �� '35�5FWNGFX�3TRNSJJX�8NSLFUTWJ�5YJ�1YI� � � �� 'FSP�TK�8NSLFUTWJ�3TRNSJJX�5YJ��1YI�� '35�5FWNGFX�8JHZWNYNJX�8JW[NHJX�8NSLFUTWJ�'WFSHM� � � �� 2TWLFS�8YFSQJ^�&XNF� 8NSLFUTWJ��8JHZWNYNJX�5YJ�1YI� � � �� 0,.�+WFXJW�8JHZWNYNJX�5YJ�1YI�� 5MNQQNU�8JHZWNYNJX�5YJ�1YI� � � �� &'3�&RWT�3TRNSJJX�8NSLFUTWJ�5YJ�1YI� � � �� ,TM�0NF�8JSL�� :4'�0F^�-NFS�5WN[FYJ�1NRNYJI� � � �� 4('(�8JHZWNYNJX�5WN[FYJ�1NRNYJI� � � �� TOTAL 7,939,265,553 91.14

FREE FLOAT

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ADDITIONAL INFORMATION

Total Volume Highest Price Lowest Price (‘000) (US$) (S$) (US$) (S$)

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NOTICE OFANNUAL GENERAL MEETINGHUTCHISON PORT HOLDINGS TRUST(A business trust constituted on 25 February 2011 under the laws of the Republic of Singapore)(Registration No.: 2011001)

NOTICE IS HEREBY GIVEN�YMFY�YMJ�&SSZFQ�,JSJWFQ�2JJYNSL�TK�YMJ�ZSNYMTQIJWX�TK�-ZYHMNXTS�5TWY�-TQINSLX�9WZXY� ǈHPH Trustǉ�FSI�ZSNYMTQIJWX�TK�-5-�9WZXY��ǈUnitholdersǉ��\NQQ�GJ�MJQI�FY�8ZSYJH�8NSLFUTWJ�.SYJWSFYNTSFQ�(TS[JSYNTS��*]MNGNYNTS�(JSYWJ��2JJYNSL�7TTR��1J[JQ��7FǬJX�'TZQJ[FWI��8ZSYJH�(NY^��8NSLFUTWJ��TS�2TSIF^��&UWNQ��FY��F�R��KTW�YMJ�KTQQT\NSL�UZWUTXJX�

ORDINARY BUSINESS:

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(Resolution 1)

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(Resolution 2)SPECIAL BUSINESS:

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LIM KA BEE(TRUFS^�8JHWJYFW^8NSLFUTWJ��&UWNQ�� Explanatory Notes:

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