Hutchison Port Trust : Financial Statement (1014 KB)

HUTCHISON PORT HOLDINGS TRUST ("HPH Trust") UNAUDITED FINANCIAL STATEMENT ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2022

TABLE OF CONTENTS

Item No.	Description	Page No.
1(a)(i)	Condensed consolidated income statement	1
1(a)(ii)	Condensed consolidated statement of comprehensive income	2
1(b)(i)	Condensed consolidated statement of financial position	3
1(b)(ii)	Statement of financial position	4
1(c)	Condensed consolidated statement of cash flows	5
1(d)(i)	Condensed consolidated statement of changes in equity	6-7
1(d)(ii)	Statement of changes in equity	8
2&3	Review statement	9
4(a)	Net asset value ("NAV") attributable to unitholders per unit	9
4(b)	Rate of return	9
5	Value of assets by region	10
6	Review of performance	11-12
7	Variance from forecast / prospect statement	13
8	Outlook and prospects	13
9&10	Distribution	14-15
11	General mandate from unitholders for interested person transaction ("IPT")	15
12	Negative confirmation by the Board	15
13	Confirmation pursuant to Rule 720(1) of the Listing Manual(a)	16
14	Outline of Hutchison Port Holdings Management Pte. Limited as the Trustee-	17
	Manager of HPH Trust ("the Trustee-Manager")
15(a)	Financial information of the Trustee-Manager - Income statement	18
15(b)	Financial information of the Trustee-Manager - Statement of financial position	19
Appendix I	Financial statements
Appendix II	Independent auditor's report

Footnote:

1. The listing manual issued by the Singapore Exchange Securities Trading Limited ("Listing Manual").

1(a)(i) Condensed consolidated income statement for the six months ended 30 June 2022

	01/01/2022	01/01/2021
	to	to	Favourable/
	30/06/2022	30/06/2021	(Unfavourable)
	HK$'000	HK$'000	%
Revenue and other income	6,471,451	5,992,160	8.0
	---------------	---------------	----------------
Cost of services rendered	(2,162,952)	(1,936,899)	(11.7)
Staff costs	(133,033)	(124,763)	(6.6)
Depreciation and amortisation	(1,514,143)	(1,526,028)	0.8
Other operating income	67,831	390,716	(82.6)
Other operating expenses	(279,756)	(234,512)	(19.3)
	────────	────────	─────────
Total operating expenses	(4,022,053)	(3,431,486)	(17.2)
	---------------	---------------	----------------
Operating profit	2,449,398	2,560,674	(4.3)
Interest and other finance costs	(307,791)	(310,879)	1.0
Share of profits less losses after tax of associated
companies	(42,130)	(45,851)	8.1
Share of profits less losses after tax of joint ventures	47,215	39,383	19.9
	────────	────────	─────────
Profit before tax	2,146,692	2,243,327	(4.3)
Tax	(632,499)	(609,601)	(3.8)
	────────	────────	─────────
Profit for the period	1,514,193	1,633,726	(7.3)
Allocated as: Profit attributable to non-controlling
interests	(797,862)	(865,417)	(7.8)
	────────	────────	─────────
Profit attributable to unitholders of
HPH Trust	716,331	768,309	(6.8)
	════════	════════	═════════
Earnings per unit attributable to unitholders of HPH	HK cents	HK cents
Trust	8.22	8.82	(6.8)
	════════	════════	═════════

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1(a)(ii) Condensed consolidated statement of comprehensive income for the six months ended 30 June 2022

	01/01/2022	01/01/2021
	to	to	Favourable/
	30/06/2022	30/06/2021	(Unfavourable)
	HK$'000	HK$'000	%
Profit for the period	1,514,193	1,633,726	(7.3)
	--------------	--------------	---------------
Other comprehensive (loss)/income:
Items that will not be reclassified to profit or loss:
Investments
Valuation losses taken to reserves	(16,051)	(17,700)	9.3
Items that may be reclassified subsequently to
profit or loss:
Cash flow hedges arising from cross currency
interest rate swap contracts and interest rate
swap contracts
Fair value gains recognised directly in
reserves	276,675	116,537	137.4
Costs of hedging
Changes in fair value of currency basis
spread	(4,689)	13,419	(134.9)
Share of other comprehensive (loss)/income of
associated companies	(9,519)	2,653	(458.8)
Share of other comprehensive (loss)/income of
joint ventures	(19,058)	921	N/A
Currency translation differences	(246,230)	43,802	(662.1)
	────────	────────	────────
Total other comprehensive (loss)/income for the
period	(18,872)	159,632	(111.8)
	---------------	---------------	---------------
Total comprehensive income for the period	1,495,321	1,793,358	(16.6)
Allocated as: Attributable to non-controlling
interests	(673,801)	(885,523)	(23.9)
	────────	────────	────────
Attributable to unitholders of HPH
Trust	821,520	907,835	(9.5)
	════════	════════	════════

Note:

Items shown within other comprehensive (loss)/income have no tax effect.

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1(b)(i) Condensed consolidated statement of financial position as at 30 June 2022

	30/06/2022	31/12/2021
ASSETS	HK$'000	HK$'000
Non-current assets
Fixed assets	20,958,243	21,646,925
Projects under development	569,588	654,524
Leasehold land and land use rights	33,879,420	34,579,438
Railway usage rights	10,082	10,787
Customer relationships	4,666,257	4,833,360
Goodwill	11,270,044	11,270,044
Associated companies	873,756	957,537
Joint ventures	2,885,956	3,018,035
Other non-current assets	607,738	509,667
Pension assets	286,888	303,782
Deferred tax assets	12,480	11,978
	──────────	──────────
	76,020,452	77,796,077
Current assets	------------------	------------------
Cash and bank balances	11,436,920	11,048,007
Trade and other receivables	4,245,641	4,033,078
Inventories	84,586	86,564
	──────────	──────────
	15,767,147	15,167,649
Current liabilities	------------------	------------------
Trade and other payables	6,690,868	6,713,045
Bank and other debts	9,392,359	7,190,345
Current tax liabilities	477,525	421,976
	──────────	──────────
	16,560,752	14,325,366
	------------------	------------------
Net current (liabilities)/assets	(793,605)	842,283
	------------------	------------------
Total assets less current liabilities	75,226,847	78,638,360
Non-current liabilities	------------------	------------------
Bank and other debts	17,850,970	21,729,962
Deferred tax liabilities	9,151,682	9,268,299
Other non-current liabilities	112,942	240,976
	──────────	──────────
	27,115,594	31,239,237
	------------------	------------------
Net assets	48,111,253	47,399,123
	══════════	══════════
EQUITY
Units in issue	68,553,839	68,553,839
Reserves	(41,322,397)	(41,447,029)
	──────────	──────────
Net assets attributable to unitholders of HPH Trust	27,231,442	27,106,810
Non-controlling interests	20,879,811	20,292,313
	──────────	──────────
Total equity	48,111,253	47,399,123
	══════════	══════════

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1(b)(ii) Statement of financial position as at 30 June 2022

	30/06/2022	31/12/2021
	HK$'000	HK$'000
ASSETS
Non-current asset
Investment in a subsidiary company	22,252,894	22,969,782
	----------------	----------------
Current assets
Cash and bank balances	2,113	4,868
Trade and other receivables	1,372	1,080
	─────────	─────────
	3,485	5,948
	----------------	----------------
Current liability
Trade and other payables	19,882	23,353
	----------------	----------------
Net current liabilities	(16,397)	(17,405)
	----------------	----------------
Total assets less current liabilities	22,236,497	22,952,377
	═════════	═════════
EQUITY
Units in issue	68,553,839	68,553,839
Reserves	(46,317,342)	(45,601,462)
	─────────	─────────
Total equity	22,236,497	22,952,377
	═════════	═════════

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