Annual Financial Review
CONTINGENT LIABILITIES
As at December 31,
HK$ million
Performance guarantees
Others
2020
2021
955
994
18
2
973
996
The Group is subject to certain corporate guarantee obligations to guarantee the performance of its
subsidiaries in the normal course of their businesses. The amount of liabilities arising from such obligations,
if any, cannot be ascertained but the directors are of the opinion that any resulting liability will not materially
affect the financial position of the Group.
HUMAN RESOURCES
HKT had over 15,400 employees as at December 31, 2021 (2020: 16,300) located in 21 countries and cities.
About 67% of these employees work in Hong Kong and the others are based mainly in mainland China, the
Philippines and the United States. HKT has established performance based bonus and incentive schemes
designed to motivate and reward employees at all levels to achieve business performance targets. Payment of
performance bonuses is generally based on achievement of revenue, EBITDA and free cash flow targets for
HKT as a whole and for each of the individual business units and performance ratings of employees.
FINAL DIVIDEND/DISTRIBUTION
The board of directors of the Trustee-Manager has recommended the payment of a final distribution by the
HKT Trust in respect of the Share Stapled Units, of 42.07 HK cents per Share Stapled Unit (after deduction
of any operating expenses permissible under the trust deed dated November 7, 2011 constituting the HKT
Trust (the "Trust Deed")), in respect of the year ended December 31, 2021 (and in order to enable the HKT
Trust to pay that distribution, the board of directors of the Company has recommended the payment of a final
dividend in respect of the ordinary shares in the Company held by the Trustee-Manager, of 42.07 HK cents
per ordinary share, in respect of the same period), subject to the approval of unitholders of the HKT Trust
and of shareholders of the Company at the forthcoming annual general meeting of unitholders of the HKT
Trust and of shareholders of the Company to be held on a combined basis as a single meeting characterized
as an annual general meeting of registered holders of Share Stapled Units ("AGM"). An interim
distribution/dividend of 30.70 HK cents per Share Stapled Unit/ordinary share of the Company for the six
months ended June 30, 2021 was paid to holders of Share Stapled Units/shareholder of the Company in
September 2021.
The board of directors of the Trustee-Manager has confirmed, in accordance with the Trust Deed, that (i) the
auditor of the Group has performed limited assurance procedures in accordance with Hong Kong Standard on
Assurance Engagements 3000 (Revised) "Assurance Engagements Other than Audits or Reviews of
Historical Financial Information" issued by the Hong Kong Institute of Certified Public Accountants to
review and verify the Trustee-Manager's calculation of the above distribution entitlement per Share Stapled
Unit and (ii) having made all reasonable enquiries, immediately after making the above distribution to the
registered unitholders of the HKT Trust, the Trustee-Manager will be able to fulfill, from the Trust Property
(as defined in the Trust Deed), the liabilities of the HKT Trust as they fall due.
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