MAINTAIN
STABILITY
MAXIMISE OPPORTUNITIES
HUTCHISON PORT HOLDINGS TRUST
ANNUAL REPORT 2022
CORPORATE
INFORMATION
TRUSTEE-MANAGER
Hutchison Port Holdings Management Pte. Limited (incorporated in the Republic of Singapore with limited liability)
BOARD OF DIRECTORS
Chairman and Non-executive Director
Mr. FOK Kin Ning, Canning, BA, DFM, FCA (ANZ)
Executive Director
Mr. IP Sing Chi, BA
Non-executive Directors
Ms. Edith SHIH, BSE, MA, MA, EdM, Solicitor,
FCG (CS, CGP), HKFCG (CS, CGP) (PE) Ms. LEE Tung Wan, Diana, BCom, ACA (ANZ)
Independent Non-executive Director and
Lead Independent Director
Mrs. SNG Sow-Mei (alias POON Sow Mei), BA, PPA(P)
Independent Non-executive Directors
Mr. CHAN Tze Leung, Robert, BSc (Econ), MBA, FHKIOD
Dr. FONG Chi Wai, Alex, BSS, MTM, MSGF, DBA, PhD, FCILT, FHKIOD Mr. Graeme Allan JACK, BCom, CA (ANZ), FHKICPA
Mr. WONG Kwai Lam, BA, PhD
AUDIT COMMITTEE
Mr. Graeme Allan JACK (Chairman)
Mr. CHAN Tze Leung, Robert
Mrs. SNG Sow-Mei (alias POON Sow Mei)
NOMINATING COMMITTEE*
Mr. WONG Kwai Lam (Chairman)
Ms. Edith SHIH
Mrs. SNG Sow-Mei (alias POON Sow Mei)
REMUNERATION COMMITTEE
Mr. CHAN Tze Leung, Robert (Chairman)
Mrs. SNG Sow-Mei (alias POON Sow Mei)
Ms. LEE Tung Wan, Diana
SUSTAINABILITY COMMITTEE*
REGISTERED OFFICE
1 Harbourfront Avenue
#14-07, Keppel Bay Tower
Singapore 098632
Telephone: (65) 6536 5355
Fax: (65) 6536 1360
COMPANY SECRETARY
Ms. WONG Yoen Har
UNIT REGISTRAR AND UNIT TRANSFER OFFICE
Boardroom Corporate & Advisory Services Pte. Ltd.
1 Harbourfront Avenue
#14-07, Keppel Bay Tower
Singapore 098632
Telephone: (65) 6536 5355
Fax: (65) 6536 1360
AUDITOR
PricewaterhouseCoopers LLP 7 Straits View
Level 12, Marina One, East Tower Singapore 018936
Telephone: (65) 6236 3388
Fax: (65) 6236 3300
Partner-in-charge: Mr. SOH Kok Leong
Date of appointment: 9 February 2021
PRINCIPAL BANKERS
DBS Bank Ltd Bank of China Ltd
Industrial and Commercial Bank of China Ltd Standard Chartered Bank (Hong Kong) Ltd
The Hongkong and Shanghai Banking Corporation Ltd
CORPORATE DIRECTORY
Company Registration No.: 201100749W
Website: https://www.hphtrust.com
Ms. Edith SHIH (Chairperson)
Dr. FONG Chi Wai, Alex
Ms. LEE Tung Wan, Diana
* Established on 26 April 2022
ANNUAL REPORT 2022
CONTENTS
Corporate Information
- Contents
- Trust Profile
- Corporate Structure
- Portfolio Overview
- Letter to Unitholders
- Key Events
- Corporate Milestones
- Operational Review
- Financial Review
- Board of Directors
- Senior Management
- Sustainability Report
- Investor Relations
- Corporate Governance Report
- Financial Contents
- Statistics of Unitholdings
- Notice of Annual General Meeting
- Proxy Form
- Glossary
01
HUTCHISON PORT HOLDINGS TRUST
TRUST
PROFILE
HPH TRUST
Hutchison Port Holdings Trust ("HPH Trust" or "the Trust") is the first publicly traded container port business trust in the world. It was listed on the Mainboard of the Singapore Exchange ("SGX") in March 2011, and in early 2012 became the first entity to launch dual-currency trading for its units on the SGX.
The mandate of the Trust is principally to invest in, develop, operate and manage deep-water container ports in Guangdong Province, Hong Kong and Macau in China.
HPH Trust operates Hongkong International Terminals ("HIT"), COSCO-HIT Terminals ("COSCO-HIT") and Asia Container Terminals ("ACT") in Hong Kong, and Yantian International Container Terminals ("YANTIAN") and Huizhou International Container Terminals ("HICT") in mainland China. HPH Trust operates 381 berths across 6471 hectares of land. In 2022, the Trust delivered a combined throughput of approximately 22.7 million twenty-foot equivalent units ("TEU").
The core port operations of the Trust are complemented by river port facilities and ancillary services, which aim to provide customers with seamless logistics supply chain solutions for imports and exports. HPH Trust holds economic benefits in two river ports in mainland China ("River Ports Economic Benefits"2): Jiangmen International Container Terminals ("Jiangmen Terminal") and Nanhai International Container Terminals ("Nanhai Terminal"). Collectively, they are known as the "River Ports". HPH Trust also operates ancillary services including container depots, trucking, feeder and shipping agencies via Asia Port Services Limited ("APS"); HPH E.Commerce Limited ("Hutchison Logistics"), a provider of supply chain solutions across air, sea and land networks; and Shenzhen Hutchison Inland Container Depots Co., Limited ("SHICD"), operator of an inland container depot and warehouse in Shenzhen.
THE TRUSTEE-MANAGER
The Trust is managed by Hutchison Port Holdings Management Pte. Limited (the "Trustee-Manager"), an indirect wholly owned subsidiary of CK Hutchison Holdings Limited ("CKHH"). The Trustee-Manager has dual responsibilities in safeguarding the interests of unitholders and managing HPH Trust's businesses. The Board of Directors of the Trustee-Manager consists of individuals with a broad range of commercial experience and expertise in the port industry.
- Excludes East Port Phase I which is under development.
- The River Ports Economic Benefits represent the economic interest and benefits of the River Ports - including all dividends and any other distributions or other monies payable to Hutchison Port Holdings Limited ("HPH") or any of its subsidiaries in its capacity as a shareholder of the relevant holding company of the River Ports arising from the profits attributable to the business of the River Ports, and all sale or disposal proceeds derived from such businesses, assets, rights and/or liabilities constituting any part of the business of the River Ports as agreed with HPH and any of its subsidiaries.
02
ANNUAL REPORT 2022
CORPORATE
STRUCTURE
UNITHOLDERS
TRUSTEE- MANAGER
Holding of units | Distributions |
Acting on behalf of
unitholders and providing
management servicesHPH TRUST
Fees
Ownership and | Dividends/interest income, net of |
applicable taxes and expenses, and | |
shareholder loans | |
principal repayment of shareholder loans | |
HIT,
COSCO-HIT
and ACT
100.0%
HIT (Terminals 4,
6, 7 and 9 North)
YANTIAN and HICT
56.4%
YANTIAN
Phases I and II
River
Ports1
50.0%
Jiangmen
Terminal
Portfolio
Ancillary
Services
100.0%
APS
50.0%
COSCO-HIT (Terminal 8 East)
40.0%
ACT
(Terminal 8 West)
51.6%
50.0%
YANTIAN Phase III
and Phase III ExpansionNanhai
Terminal
51.6%
West Port
Phases I and II
39.7%
East Port
Phase I2
41.3%
HICT
100.0%
Hutchison Logistics
86.5%
SHICD
- HPH Trust holds River Ports Economic Benefits, but not the shares of the River Ports' holdings companies.
- Under development which was established pursuant to the joint venture agreement signed with Shenzhen Yantian Port Group Company Limited in June 2021.
03
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Disclaimer
Hutchison Port Holdings Trust published this content on 20 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2023 07:48:10 UTC.