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1 General information
Hutchison Port Holdings Trust is a business trust constituted by a deed of trust dated 25 February 2011 (“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 (“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 (“SGX-ST”) on 18 March 2011.
HPH Trust is established with the principal investment mandate of investing in, developing, operating and managing deep-water
container ports in the Guangdong Province of the People’s Republic of China (“PRC”), Hong Kong and Macau. HPH Trust
may also invest in other types of port assets including river ports, which are complementary to the deep-water container ports
owned by HPH Trust, as well as undertake certain port ancillary services including, but not limited to, trucking, feedering, freight-
forwarding, supply chain management, warehousing and distribution services.
2 Basis of preparation and significant accounting policies
The 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 IFRSs.
At 31 December 2013, HPH Trust and its subsidiary companies (“Group”) recorded net current liabilities of HK$8.5 billion, mainly
resulting from unsecured bank loans of HK$10.8 billion which will mature in March to November 2014. Management has taken
various measures in strengthening the Group’s liquidity position and as at the date of approval of these accounts, the Group
has received various refnancing offers from a number of fnancial institutions and is in the process of considering and evaluating
these offers in the best interests of its unitholders. Management expects to complete the refnancing arrangement before the
expiry of the existing loans. Based on the Group’s history of its ability to obtain external fnancing, its operating performance and
its expected future working capital requirements, management believes that there are suffcient fnancial resources available to
the Group to meet its liabilities as and when they fall due. Accordingly, these consolidated accounts have been prepared on a
going concern basis.
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.
NOTES TO
THE ACCOUNTS
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