Hutchison Port Holdings Trust

[Greenrookie]

HPHT results are out, at first glance, thing look really bad:

http://infopub.sgx.com/FileOpen/HPH_Trus...eID=274099

What I feel puzzling is the divergence in the performance of earnings and cash flow.

Profits FY is 3000 mio HKD compared to 3500 mio HKD a year ago (Before accounting for minority interest)

But operating cash flow is
5.1 billion HKD compared to 4.4 billion HKD

Can I ask a few accounting questions here?

How is cash generated from operations calculated?
It is not Operating profits plus depreciation and ammortization?
Has it already taken into account operating expenses, cost of services, etc.

It seems quite puzzling and amazing to me that expenses, cost of services all increase but operating cash flow can still improve

Thanks for the help...