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FINANCIAL REVIEW
FINANCIAL PERFORMANCE
The Trust Group’s revenue and audited consolidated profit for the year ended 31 December 2016 were HK$11,420 million
(2015: HK$11,210 million) and HK$3,599 million (2015: HK$3,591 million) respectively.
DISTRIBUTION
The Trustee-Manager Board has declared the payment of a final distribution by the Trust of HK20.12 cents (2015: HK20.12
cents) per SSU. In order to enable the Trust to pay that distribution, the Company Board has declared the payment of a
second interim dividend in lieu of a final dividend in respect of the Company’s ordinary shares held by the Trustee-Manager,
of HK20.12 cents (2015: HK20.12 cents) per ordinary share in respect of the same period. This, together with the interim
distribution of HK19.92 cents (2015: HK19.92 cents) per SSU, brings the total distribution to HK40.04 cents (2015: HK40.04
cents) per SSU for the year ended 31 December 2016.
2016
2015
HK$ million
HK$ million
Audited consolidated profit attributable to SSU holders
3,599
3,591
After:
(i) eliminating the effects of the Adjustments (see note (a) below)
4,520
4,532
(ii) adding/(deducting)
– movement in Fuel Clause Recovery Account
1,805
1,652
– changes in working capital
206
52
– adjustment for employee retirement benefit schemes
26
18
– taxes paid
(1,154)
(918)
883
804
(iii) capital expenditure payment
(2,760)
(2,237)
(iv) deducting
– debt repayment
(7,504)
(779)
– net finance costs
(1,105)
(937)
(8,609)
(1,716)
(v) deducting
– reserve for future capital expenditure/debt service
–
(1,436)
Distributable income
(2,367)
3,538
(vi) adding discretionary amount as determined by the Company Board
pursuant to clause 14.1(c) of the Trust Deed
5,905
–
Distributable income after adjustment of the discretionary amount
3,538
3,538
Interim distribution
1,760
1,760
Final distribution
1,778
1,778
Distribution amount
3,538
3,538
Distributions per SSU (see note (c) below)
– Interim distribution per SSU
HK19.92 cents
HK19.92 cents
– Final distribution per SSU
HK20.12 cents
HK20.12 cents
Total distributions per SSU
HK40.04 cents
HK40.04 cents
In determining the distribution amount, the Company Board has taken into account the Group’s financial performance
achieved during the year and its stable cashflow from operations, and consider it appropriate to adjust the distributable income
for the year ended 31 December 2016, as calculated pursuant to the Trust Deed, by the above discretionary amount, pursuant
to clause 14.1(c) of the Trust Deed.
2016 ANNUAL REPORT
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