Hutchison Port Trust : Financial Statement (745 KB)

HUTCHISON PORT HOLDINGS TRUST ("HPH Trust") UNAUDITED FINANCIAL STATEMENT ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2023

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	Condensed interim financial statements
Appendix II	Independent auditor's review 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 2023

	01/01/2023	01/01/2022
	to	to	Favourable/
	30/06/2023	30/06/2022	(Unfavourable)
	HK$'000	HK$'000	%
Revenue and other income	5,183,060	6,471,451	(19.9)
	---------------	---------------	----------------
Cost of services rendered	(1,734,089)	(2,162,952)	19.8
Staff costs	(131,968)	(133,033)	0.8
Depreciation and amortisation	(1,463,720)	(1,514,143)	3.3
Other operating income	45,711	67,831	(32.6)
Other operating expenses	(322,965)	(279,756)	(15.4)
	────────	────────	─────────
Total operating expenses	(3,607,031)	(4,022,053)	10.3
	---------------	---------------	----------------
Operating profit	1,576,029	2,449,398	(35.7)
Interest and other finance costs	(421,736)	(307,791)	(37.0)
Share of profits less losses after tax of associated
companies	(45,056)	(42,130)	(6.9)
Share of profits less losses after tax of joint ventures	(8,841)	47,215	(118.7)
	────────	────────	─────────
Profit before tax	1,100,396	2,146,692	(48.7)
Tax	(424,865)	(632,499)	32.8
	────────	────────	─────────
Profit for the period	675,531	1,514,193	(55.4)
Allocated as: Profit attributable to non-controlling
interests	(580,625)	(797,862)	(27.2)
	────────	────────	─────────
Profit attributable to unitholders of
HPH Trust	94,906	716,331	(86.8)
	════════	════════	═════════
Earnings per unit attributable to unitholders of HPH	HK cents	HK cents
Trust	1.09	8.22	(86.8)
	════════	════════	═════════

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1(a)(ii) Condensed consolidated statement of comprehensive income for the six months ended 30 June 2023

	01/01/2023	01/01/2022
	to	to	Favourable/
	30/06/2023	30/06/2022	(Unfavourable)
	HK$'000	HK$'000	%
Profit for the period	675,531	1,514,193	(55.4)
	--------------	--------------	---------------
Other comprehensive (loss)/income:
Items that will not be reclassified to profit or loss:
Investments
Valuation losses taken to reserves	(17,892)	(16,051)	(11.5)
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 (losses)/gains recognised directly
in reserves	(23,261)	276,675	(108.4)
Costs of hedging
Changes in fair value of currency basis
spread	2,495	(4,689)	153.2
Share of other comprehensive loss of
associated companies	(4,701)	(9,519)	50.6
Share of other comprehensive loss of joint
ventures	(42,350)	(19,058)	(122.2)
Currency translation differences	(109,840)	(246,230)	55.4
	────────	────────	────────
Total other comprehensive loss for the period	(195,549)	(18,872)	(936.2)
	---------------	---------------	---------------
Total comprehensive income for the period	479,982	1,495,321	(67.9)
Allocated as: Attributable to non-controlling
interests	(528,120)	(673,801)	(21.6)
	────────	────────	────────
Attributable to unitholders of HPH
Trust	(48,138)	821,520	(105.9)
	════════	════════	════════

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 2023

	30/06/2023	31/12/2022
ASSETS	HK$'000	HK$'000
Non-current assets	20,021,217
Fixed assets	20,357,742
Projects under development	536,707	762,911
Leasehold land and land use rights	32,503,165	33,178,968
Railway usage rights	8,903	9,400
Customer relationships	4,332,050	4,499,154
Goodwill	11,270,044	11,270,044
Associated companies	748,320	204,026
Joint ventures	3,872,808	3,957,599
Other non-current assets	583,338	685,042
Pension assets	115,259	123,213
Deferred tax assets	1,598	5,059
	──────────	──────────
	73,993,409	75,053,158
Current assets	------------------	------------------
7,149,669
Cash and bank balances	10,395,168
Trade and other receivables	2,631,952	3,118,233
Inventories	79,470	79,609
	──────────	──────────
	9,861,091	13,593,010
Current liabilities	------------------	------------------
5,830,845
Trade and other payables	6,014,844
Bank and other debts	1,168,741	5,067,659
Current tax liabilities	337,354	308,015
	──────────	──────────
	7,336,940	11,390,518
	------------------	------------------
Net current assets	2,524,151	2,202,492
	------------------	------------------
Total assets less current liabilities	76,517,560	77,255,650
Non-current liabilities	------------------	------------------
24,746,617
Bank and other debts	21,971,912
Deferred tax liabilities	8,539,349	8,883,533
Other non-current liabilities	111,582	123,459
	──────────	──────────
	33,397,548	30,978,904
	------------------	------------------
Net assets	43,120,012	46,276,746
	══════════	══════════
EQUITY	68,553,839
Units in issue	68,553,839
Reserves	(42,491,793)	(41,746,767)
	──────────	──────────
Net assets attributable to unitholders of HPH Trust	26,062,046	26,807,072
Non-controlling interests	17,057,966	19,469,674
	──────────	──────────
Total equity	43,120,012	46,276,746
	══════════	══════════

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1(b)(ii) Statement of financial position as at 30 June 2023

	30/06/2023	31/12/2022
	HK$'000	HK$'000
ASSETS
Non-current asset
Investment in a subsidiary company	20,949,784	21,666,672
	----------------	----------------
Current assets
Cash and bank balances	3,497	5,049
Trade and other receivables	2,692	1,014
	─────────	─────────
	6,189	6,063
	----------------	----------------
Current liability
Trade and other payables	47,625	41,153
	----------------	----------------
Net current liabilities	(41,436)	(35,090)
	----------------	----------------
Total assets less current liabilities	20,908,348	21,631,582
	═════════	═════════
EQUITY
Units in issue	68,553,839	68,553,839
Reserves	(47,645,491)	(46,922,257)
	─────────	─────────
Total equity	20,908,348	21,631,582
	═════════	═════════

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