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(Stock Code: 00142) ANNOUNCEMENT MADE BY PT INDOFOOD SUKSES MAKMUR TBK IN RELATION TO ITS UNAUDITED INTERIM 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 interim consolidated financial results of PT Indofood Sukses Makmur Tbk ("Indofood"), a subsidiary of the Company, for the six months ended 30 June 2014.
Summary
The board of directors of Indofood approved the release of the unaudited interim consolidated financial results for the six months ended 30 June 2014, which have been submitted to the Indonesia Stock Exchange, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.
Indofood, a 50.1% owned subsidiary of the Company, is a company incorporated in Indonesia whose shares are listed on the Indonesia Stock Exchange. The board of directors of Indofood approved the release of the unaudited interim consolidated financial results for the six months ended 30 June 2014, which have been submitted to the Indonesia Stock Exchange, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company. The unaudited interim consolidated financial statements have been prepared in conformity with the generally accepted accounting principles in Indonesia and are presented in Indonesian Rupiah. Indofood's unaudited Interim Consolidated Statement of Comprehensive Income for the six months ended 30 June 2014 and 30 June 2013, as well as unaudited Interim Consolidated Statement of Financial Position as at 30 June
2014 and audited Consolidated Statement of Financial Position as at 31 December 2013 are provided below:
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(Expressed in Millions of Rupiah, Unless Otherwise Stated)
2014 2013 (as restated) Rp Rp NET SALES 34,066,065 26,932,942
Selling and distribution expenses (3,063,181) (2,233,930) General and administrative expenses (2,043,422) (1,468,169) Other operating income 316,025 349,927
Other operating expenses (179,713) (184,274)
Finance income 507,789 265,093
Finance expenses (825,131) (598,328)
Share in net income (loss) of associates (73,888) 99,235
Income Tax Expense - Net (1,014,457) (624,995)
Pro Forma Adjustment - (1,108)
Unrealized gains (losses) on available-for-sale
financial assets (23,704) 29,202
Exchange differences on translation of
financial statements (247,763) 183,882
Fair value gain arising from cash flow hedges 1,710 -
Equity holders of the parent entity 2,289,204 1,703,372
Non-controlling interests 696,195 364,355
Equity holders of the parent entity 1,995,792 1,901,732
Non-controlling interests 719,850 379,079
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PT INDOFOOD SUKSES MAKMUR TBK AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 (UNAUDITED) AND 31 DECEMBER 2013 (AUDITED)(Expressed in Millions of Rupiah, Unless Otherwise Stated)
30 June 31 December 2014 2013 Rp RpASSETS
CURRENT ASSETS
Cash and cash equivalents 14,346,508 13,666,194
Time deposits 6,049,852 3,398,300
Short-term investments 669,128 692,832
Accounts receivable
Trade
Third parties - net 4,335,192 4,053,300
Related parties 546,581 375,733
Non-trade
Third parties 408,126 322,114
Related parties 268,953 208,269
Inventories - net 10,121,783 8,160,539
Advances and deposits 751,908 884,410
Prepaid taxes 417,994 203,619
Future crop expenditures 172,562 143,896
Prepaid expenses and other current assets 500,253 355,291
Claims for tax refund 471,143 565,241
Plasma receivables - net 612,188 632,661
Deferred tax assets - net 1,399,983 1,249,370
Long-term investments 1,882,860 1,573,095
Plantations
Mature plantations - net 5,000,080 4,742,845
Immature plantations 2,919,574 2,847,525
Industrial timber plantations - net 272,950 269,020
Fixed assets - net 24,244,877 23,027,913
Deferred charges - net 608,507 529,943
Goodwill - net 3,970,420 3,970,420
Intangible assets - net 2,783,093 1,931,957
Long-term prepayments 1,401,066 1,280,156
Advances for stock subscription in associate - 259,700
Other non-current assets 2,096,766 2,748,446
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(Expressed in Millions of Rupiah, Unless Otherwise Stated)
30 June 2014 Rp | 31 December 2013 Rp | ||
LIABILITIES AND EQUITY | |||
LIABILITIES CURRENT LIABILITIES Short-term bank loans and overdraft | 6,284,250 | 4,625,586 | |
Trust receipts payable Trade payables Third parties | 4,674,830 4,210,389 | 4,103,558 3,400,715 | |
Related parties | 545,214 | 277,135 | |
Other payables - third parties | 1,403,846 | 1,172,720 | |
Dividend payables | 1,628,525 | - | |
Accrued expenses | 1,564,975 | 1,513,147 | |
Short-term employee benefits liability | 931,155 | 770,224 | |
Taxes payable Current maturities of long-term debts Bank loans | 603,568 1,013,170 | 305,536 954,935 | |
Bonds payable | 729,108 | 2,336,642 | |
Liability for purchases of fixed assets | 10,437 | 11,111 | |
Total Current Liabilities | 23,599,467 | 19,471,309 | |
NON-CURRENT LIABILITIES Long-term debts - net of current maturities Bank loans | 14,003,478 | 13,294,577 | |
Bonds payable and Sukuk Ijarah payables | 3,983,586 | 1,993,227 | |
Liability for purchases of fixed assets | 34,124 | 36,511 | |
Total long-term debts | 18,021,188 | 15,324,315 | |
Deferred tax liabilities - net Advances for stock subscription from non-controlling interests | 1,305,850 19,600 | 1,278,384 213,150 | |
Due to related parties | 511,777 | 515,443 | |
Liabilities for employee benefits | 3,055,716 | 2,729,970 | |
Estimated liabilities for assets dismantling costs | 29,603 | 50,923 | |
Other long-term payables | 92,749 | 136,166 | |
Total Non-current Liabilities | 23,036,483 | 20,248,351 | |
TOTAL LIABILITIES | 46,635,950 | 39,719,660 |
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(Expressed in Millions of Rupiah, Unless Otherwise Stated)
30 June 31 December 2014 2013 Rp Rp EQUITY Equity Attributable to Equity Holders of the Parent Entity
Capital stock - Rp 100 (full amount) par value per share
Authorized - 30,000,000,000 shares
Issued and fully paid - 8,780,426,500 shares 878,043 878,043
Additional paid-in capital 522,249 522,249
Unrealized gains on available-for-sale financial assets 538,987 554,051
Difference from changes in equity of subsidiaries and
effects of transactions with non-controlling interests 6,582,358 6,579,227
Exchange differences on translation of financial
statements 1,230,764 1,505,767
Retained earnings
Appropriated for general reserve 90,000 85,000
Unappropriated 14,552,544 13,524,258
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GENERAL
Shareholders should note that the above unaudited and audited consolidated financial results pertain only to Indofood and not to First Pacific itself.
The above information only refers to certain sections of Indofood's disclosure and shareholders should refer to Indofood's original filing submitted to the Indonesia Stock Exchange (http://www.idx.co.id), as well as disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.
By Order of the Board
Company Secretary
Hong Kong, 26 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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