ANNUAL REPORT 2025 133 INDEPENDENT AUDITOR’S REPORT To the Unitholders of Hutchison Port Holdings Trust Key Audit Matter How our audit addressed the Key Audit Matter Revenue recognition Refer to notes 3(e) and 4 to the fi nancial statements. Revenue from rendering of container handling services is recognised and accrued with reference to the throughput handled and the terms of agreements for such service. For the year ended 31 December 2025, revenue from container handling services amounting to HK$11,351 million is recognised based on the containers handled as well as the tariff applied. The tariff applied is the rate agreed with customers or estimated by management based on the latest terms of the agreement or latest negotiation with customers and other industry considerations as appropriate. Due to the large variety and complexity of contractual terms, as well as ongoing negotiations with customers, signifi cant judgements are required to estimate the tariff rate applied. If the actual rate diff ers from the estimated rate applied, this will have an impact on the accuracy of revenue recognised in the current year and accrued as at year end. We have performed the following procedures in relation to the accuracy of net revenue recognised and accrued: Understood, evaluated and tested the key controls over the tariff applied in container handling services. We selected a sample of transactions and: Agreed the applied tariff to the respective terms in the contracts or latest correspondence with customers where the tariff has been estimated by management. Agreed throughput handled, used in the calculation of tariff s, to the operating system recording throughput. Tested revenue calculations and agreed the revenue recognised to the underlying accounting records. Checked to bank advices or credit notes on a sample basis for the net settlement and reviewed aged items for any disputed amounts. We found the judgement made by management in estimating tariff in the revenue recognised and accrued to be supportable and reasonable based on available evidence. Other Information Hutchison Port Holdings Management Pte. Limited (the “Trustee-Manager”) is responsible for the other information. The other information compromise all the sections of the annual report (but does not include the fi nancial statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report, except for the information on statistics of unitholdings, which is expected to be made available to us after that date. Our opinion on the fi nancial statements does not cover the other information and we do not and will notbexpress any form of assurance conclusion thereon. In connection with our audit of the fi nancial statements, our responsibility is to read the other information identifi ed above and, in doing so, consider whether the other information is materially inconsistent with the fi nancial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. When we read the information on statistics of unitholdings, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the Trustee-Manager and take appropriate actions in accordance with ISAs.
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