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61 Hutchison Port Holdings Trust Annual Report 2012
Notes To
The Accounts
1 General information
Hutchison Port Holdings Trust (“Trust” or “HPH Trust”) is a business trust constituted by a deed of trust dated 25 February
2011 (the “Trust Deed”) and registered with the Monetary Authority of Singapore. HPH Trust is principally regulated by the
Business Trusts Act, Chapter 31A of Singapore and Securities and Futures Act, Chapter 289 of Singapore. Under the Trust
Deed, Hutchison Port Holdings Management Pte. Limited (the “Trustee-Manager”), has declared that it will hold all its assets
(including businesses) acquired on trust for the unitholders as the Trustee-Manager of HPH Trust. The registered address of
the Trustee-Manager is at 50 Raffes Place, #32-01 Singapore Land Tower, Singapore 048623. HPH Trust was listed on the Main
Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 18 March 2011.
HPH Trust and its subsidiary companies (the “Group”) is established with the principal investment mandate of investing in,
developing, operating and managing deep-water container ports in the Guangdong Province of the People’s Republic of
China (“PRC”), Hong Kong and Macau. HPH Trust may also invest in other types of port assets including river ports, which
are complementary to the deep-water container ports owned by HPH Trust, as well as undertake certain port ancillary
services including, but not limited to, trucking, feedering, freight-forwarding, supply chain management, warehousing
and distribution services.
2 Significant accounting policies
The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued by the
Hong Kong Institute of Certifed Public Accountants (“HKICPA”). The accounts have been prepared under the historical
cost convention except for investments which are stated at fair value, as explained in the signifcant accounting policies
set out below.
There is no material difference in preparing the accounts using HKFRS and International Financial Reporting Standards
(“IFRS”). No material adjustments are required to restate the accounts prepared under HKFRS to comply with IFRS.
The preparation of accounts in conformity with HKFRS requires management to exercise its judgement in the process
of applying the accounting policies of the Group. It also requires the use of certain critical accounting estimates and
assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates
are signifcant to the accounts, are disclosed in Note 3.
Adoption of amendment to existing standard
The Group has adopted the following amendment which is relevant to the Group’s operations and is mandatory for the year
ended 31 December 2012:
HKFRS 7 Amendments Financial Instruments - Disclosures - Transfer of Financial Assets
The adoption of the above amendment has no material effect on the results and fnancial position of the Group.