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(Incorporated with limited liability under the laws of Bermuda) Website: http://www.firstpacific.com
(Stock Code: 00142) ANNOUNCEMENT MADE BY INDOFOOD AGRI RESOURCES LTD. IN RELATION TO ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014This Announcement is made by First Pacific Company Limited ("First Pacific" or the "Company") pursuant to the requirements of Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HKEX") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) to provide shareholders of First Pacific and the public with the unaudited consolidated financial results of Indofood Agri Resources Ltd. ("IndoAgri"), an indirect subsidiary of the Company, for the six months ended 30 June 2014.
Summary
The board of directors of IndoAgri approved the release of the unaudited consolidated financial results for the six months ended 30 June 2014, which have been submitted to the Singapore Stock Exchange on 25 July 2014, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.
IndoAgri, an indirect subsidiary of First Pacific, is a company incorporated in Singapore whose shares are listed on the Singapore Stock Exchange. As at 30 June 2014, IndoAgri is owned as to approximately 70.4% by Indofood Singapore Holdings Pte. Ltd., which in turn is owned as to 83.8% by PT Indofood Sukses Makmur Tbk ("Indofood"), which in turn is a 50.1% owned subsidiary of First Pacific. In addition, Indofood directly owns approximately 1.4% of IndoAgri.
The board of directors of IndoAgri approved the release of the unaudited consolidated financial results for the six months ended 30 June 2014, which have been submitted to the Singapore Stock Exchange on 25 July 2014, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and
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the Company. The unaudited consolidated financial statements have been prepared in conformity with Singapore Financial Reporting Standards and are presented in Indonesian Rupiah. The unaudited Consolidated Comprehensive Income Statements for the six months ended 30 June 2014 and 30 June 2013, as well as the unaudited Consolidated Balance Sheet as at 30 June 2014 and audited Consolidated Balance Sheet as at 31 December 2013 for IndoAgri are provided below:
INDOFOOD AGRI RESOURCES LTD. CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2014 AND 2013 Group - YTD 6 months 30/06/2014 30/06/2013 ChangeRp' million Rp' million %
Revenue 7,168,555 6,454,605 11.1
Cost of sales (5,044,395) (5,278,508) (4.4)
Gross profit | 2,124,160 | 1,176,097 | 80.6 | ||
Gross profit % | 29.6% | 18.2% |
Selling and distribution costs (208,559) (215,942) (3.4) General and administrative expenses (556,623) (463,104) 20.2
Foreign exchange losses (5,856) (4,000) 46.4
Other operating income 67,857 121,614 (44.2) Other operating expenses (82,838) (101,337) (18.3) Share of results of associate companies (38,964) (30,036) 29.7
Share of results of a joint venture (26,804) - n/m
Finance income 111,718 97,632 14.4
Finance expenses (352,070) (251,521) 40.0
Income tax expense (315,069) (109,196) 188.5
Foreign currency translation 29,678 (19,767) n/m
- Owners of the Company 405,891 172,737 135.0
- Non-controlling interests 311,061 47,470 555.3
- Owners of the Company 469,362 151,636 209.5
- Non-controlling interests 277,268 48,804 468.1
n/m denotes "Not Meaningful"
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INDOFOOD AGRI RESOURCES LTD. CONSOLIDATED BALANCE SHEETS AS AT 30 JUNE 2014 (UNAUDITED) AND 31 DECEMBER 2013 (AUDITED)30/06/2014 Rp' million | 31/12/2013 Rp' million | ||
Non-current assets Biological assets | 14,411,279 | 13,893,246 | |
Property, plant and equipment | 10,519,501 | 9,780,693 | |
Goodwill | 3,247,532 | 3,247,532 | |
Claims for tax refund | 143,062 | 236,529 | |
Deferred tax assets | 1,083,515 | 962,678 | |
Investment in associate companies | 353,568 | 398,860 | |
Investment in a joint venture | 873,193 | 863,768 | |
Advances and prepayments | 745,240 | 706,696 | |
Other non-current receivables | 722,430 | 676,518 | |
Total non-current assets | 32,099,320 | 30,766,520 | |
Current assets Inventories | 2,426,357 | 1,568,496 | |
Trade and other receivables | 1,458,540 | 1,139,637 | |
Advances and prepayments | 216,064 | 293,191 | |
Prepaid taxes | 218,646 | 134,074 | |
Cash and cash equivalents | 3,949,923 | 3,802,920 | |
Total current assets | 8,269,530 | 6,938,318 | |
Total assets | 40,368,850 | 37,704,838 | |
Current liabilities Trade and other payables and accruals | 2,354,069 | 1,716,990 | |
Advances and taxes payable | 249,716 | 220,256 | |
Interest-bearing loans and borrowings | 5,326,648 | 3,761,669 | |
Bonds and Sukuk Ijarah payables | 729,108 | 728,093 | |
Income tax payable | 91,655 | 77,343 | |
Total current liabilities | 8,751,196 | 6,504,351 |
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INDOFOOD AGRI RESOURCES LTD. CONSOLIDATED BALANCE SHEETS (CONTINUED) AS AT 30 JUNE 2014 (UNAUDITED) AND 31 DECEMBER 2013 (AUDITED)30/06/2014 Rp' million | 31/12/2013 Rp' million | ||
Non-current liabilities Interest-bearing loans and borrowings | 4,208,527 | 4,304,964 | |
Amounts due to related parties and other payables | 525,820 | 532,003 | |
Provision and other liabilities | 22,642 | 22,633 | |
Employee benefits liabilities | 1,686,347 | 1,555,851 | |
Deferred tax liabilities | 2,001,056 | 1,951,802 | |
Total non-current liabilities | 8,444,392 | 8,367,253 | |
Total liabilities | 17,195,588 | 14,871,604 | |
Net assets | 23,173,262 | 22,833,234 | |
Equity attributable to owners of the Company Share capital | 3,584,279 | 3,584,279 | |
Treasury shares | (238,263) | (238,263) | |
Revenue reserves | 10,327,372 | 9,989,279 | |
Other reserves | 719,076 | 661,155 | |
Non-controlling interests | 14,392,464 8,780,798 | 13,996,450 8,836,784 |
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GENERAL
Shareholders should note that the above unaudited and audited consolidated financial results pertain only to IndoAgri and not to First Pacific itself.
The above information only refers to certain sections of IndoAgri's disclosure and shareholders should refer to IndoAgri's original filing uploaded to the Singapore Stock Exchange's website (http://www.sgx.com) and have been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company on
25 July 2014.
By Order of the Board
Company Secretary
Hong Kong, 25 July 2014
As at the date of this announcement, the Board comprises the following Directors:
Executive Directors:
Manuel V. Pangilinan, Managing Director and CEO
Edward A. Tortorici
Robert C. Nicholson
Non-executive Directors:
Anthoni Salim, Chairman
Benny S. Santoso
Tedy Djuhar
Napoleon L. Nazareno
Independent Non-executive Directors:
Graham L. Pickles
Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok
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