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ANNUAL REPORT 2011 // 59
Report on the accounts
We have audited the accompanying accounts of Hutchison Port Holdings Trust (the “Trust”) and its subsidiaries
(the “Group”), set out on pages 60 to 100, which comprise the consolidated statement of fnancial position of
the Group and the statement of fnancial position of the Trust as at 31 December 2011, the consolidated income
statement, the consolidated statement of comprehensive income and the consolidated statement of changes in
equity of the Group, the statement of changes in equity of the Trust, and the consolidated statement of cash fows
of the Group for the period from 25 February 2011 (date of constitution) to 31 December 2011, and a summary of
signifcant accounting policies and other explanatory information.
Trustee-Manager’s responsibility for the accounts
Hutchison Port Holdings Management Pte. Limited (the “Trustee-Manager”) is responsible for the preparation of
accounts that give a true and fair view in accordance with the provisions of the Singapore Business Trust Act
(the “Act”) and Hong Kong Financial Reporting Standards, and for devising and maintaining a system of internal
accounting controls suffcient to provide a reasonable assurance that assets are safeguarded against loss from
unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary
to permit the preparation of true and fair income statements and statements of fnancial position and to maintain
accountability of assets.
Auditor’s responsibility
Our responsibility is to express an opinion on these accounts based on our audit. We conducted our audit in accordance
with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the accounts.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the accounts, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation of accounts that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by the Trustee-Manager, as well as evaluating the overall
presentation of the accounts.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the accounts of the Group and the statement of fnancial position and the statement of changes in equity
of the Trust are properly drawn up in accordance with the provisions of the Act and Hong Kong Financial Reporting
Standards so as to give a true and fair view of the state of affairs of the Group and of the Trust as at 31 December 2011,
and the results, changes in equity and cash fows of the Group and the changes in equity of the Trust for the period
from 25 February 2011 (date of constitution) to 31 December 2011.
Report on other legal and regulatory requirements
In our opinion, the accounting and other records required by the Act to be kept by the Trustee-Manager of which we are
the auditors, have been properly kept in accordance with the provisions of the Act.
PricewaterhouseCoopers LLP
Public Accountants and Certifed Public Accountants
Singapore, 21 February 2012
Independent Auditor’s Report
TO THE UNITHOLDERS OF HUTCHISON PORT HOLDINGS TRUST