? 2013 full year throughput of HPH Trust?s deep-water ports was 1% below last year. 

Combined throughput of HIT, COSCO-HIT and ACT was down by 2% yoy and YICT?s throughput was up by 1% yoy

? US-bound trade sees a positive trend, while EU?s cargo volume is picking up slightly. Throughput growth of YICT was mainly driven by transshipment cargoes but offset by lower empty volume. HIT?s throughput drop was mainly due to weaker transshipment and US/EU cargoes 

? Revenue and other income for the full year was about the same as last year. NPAT and NPAT attributable to unitholders for the full year was 15% and 25% below last year respectively after payments of 2012 performance fee and acquisition related costs of ACT

 

? 2013 full year Distribution Per Unit (?DPU?) is 41.00 HK cents 

? Revenue and other income for the 4thquarter was 1% below last year. NPAT and NPAT attributable to unitholders for the 4th

quarter was 34% and 47% lower than last year respectively mainly due to a couple of one-off items :

 

? One-off concession to shipping lines after industrial action in HIT

? Write off of upfront fee after US$3.6 billion bank loan refinancing

? Exchange loss from the conversion of USD into HKD for bank loan repaymentPage 5

? The normalised NPAT (excluding 2012 performance fee and ACT?s acquisition related costs) was 13% below last year due to lower profit in HIT but partially offset by higher profit from YICT. Normalised NPAT attributable to unitholderswas 22% below last year as Trust has 100% interests in HIT but only has 52% to 56% interests in YICT 

 

? Continued focus by HPH Trust on managing cash flow through appropriate financing arrangements, managing CAPEX spending, controlling working capital needs and optimising capital deployment with the objective of providing stable and growing annual distributions to unitholders consistent with the outlook for our business