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.
28
C A P I T A L I S I N G O N M O M E N T U M
