FIRST PACIFIC COMPANY LIMITED The Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated with limited liability under the laws of Bermuda)
Website: http://www.firstpacific.com
(Stock Code: 00142)2017 Interim Results - Unaudited
FINANCIAL HIGHLIGHTS
Turnover increased by 4.0% to US$3,572.5 million (HK$27,865.5 million) from US$3,436.0 million (HK$26,800.8 million).
Profit contribution from operations increased by 2.5% to US$231.8 million (HK$1,808.0 million) from US$226.2 million (HK$1,764.4 million). Recurring profit increased by 6.9% to US$168.7 million (HK$1,315.9 million) from US$157.8 million (HK$1,230.8 million).
Profit attributable to owners of the parent increased by 4.3% to US$133.1 million (HK$1,038.2 million) from US$127.6 million (HK$995.3 million). Basic earnings per share increased by 3.7% to U.S. 3.10 cents (HK24.2 cents) from U.S. 2.99 cents (HK23.3 cents).
Recurring basic earnings per share (calculated based on recurring profit) increased by 6.2% to U.S. 3.93 cents (HK30.7 cents) from U.S. 3.70 cents (HK28.9 cents).
An interim distribution of HK8.00 cents (U.S. 1.03 cents) (2016: HK8.00 cents or U.S. 1.03 cents) per ordinary share has been declared, representing a payout ratio of approximately 26% (2016: approximately 28%) of recurring profit.
Equity attributable to owners of the parent increased by 5.2% to US$3,273.8 million (HK$25,535.6 million) at 30 June 2017 compared with US$3,112.0 million (HK$24,273.6 million) at 31 December 2016.
Consolidated gearing ratio increased to 0.62 times at 30 June 2017 from 0.54 times at 31 December 2016.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTSCONDENSED CONSOLIDATED INCOME STATEMENT - UNAUDITED
For the six months ended 30 June | 2017 | 2016 | 2017 | 2016 | ||
Notes | US$m | US$m | HK$m* | HK$m* | ||
Turnover | 2 | 3,572.5 | 3,436.0 | 27,865.5 | 26,800.8 | |
Cost of sales | (2,505.8) | (2,440.0) | (19,545.2) | (19,032.0) | ||
Gross profit | 1,066.7 | 996.0 | 8,320.3 | 7,768.8 | ||
Selling and distribution expenses | (288.8) | (274.2) | (2,252.6) | (2,138.8) | ||
Administrative expenses | (279.9) | (264.6) | (2,183.2) | (2,063.9) | ||
Other operating income, net | 48.2 | 40.8 | 375.9 | 318.3 | ||
Interest income | 26.3 | 27.8 | 205.1 | 216.8 | ||
Finance costs | (169.0) | (186.4) | (1,318.2) | (1,453.9) | ||
Share of profits less losses of associated companies and joint ventures | 132.7 | 125.1 | 1,035.1 | 975.8 | ||
Profit before taxation from continuing operations | 3 | 536.2 | 464.5 | 4,182.4 | 3,623.1 | |
Taxation | 4 | (141.3) | (113.2) | (1,102.2) | (883.0) | |
Profit for the period from continuing operations | 394.9 | 351.3 | 3,080.2 | 2,740.1 | ||
Profit for the period from a discontinued operation | - | 13.7 | - | 106.9 | ||
Profit for the period | 394.9 | 365.0 | 3,080.2 | 2,847.0 | ||
Attributable to: | ||||||
Owners of the parent | 5 | |||||
- For profit from continuing operations | 133.1 | 121.9 | 1,038.2 | 950.8 | ||
- For profit from a discontinued operation | - | 5.7 | - | 44.5 | ||
- For profit for the period | 133.1 | 127.6 | 1,038.2 | 995.3 | ||
Non-controlling interests | ||||||
- For profit from continuing operations | 261.8 | 229.4 | 2,042.0 | 1,789.3 | ||
- For profit from a discontinued operation | - | 8.0 | - | 62.4 | ||
- For profit for the period | 261.8 | 237.4 | 2,042.0 | 1,851.7 | ||
394.9 | 365.0 | 3,080.2 | 2,847.0 | |||
US¢ | US¢ | HK¢* | HK¢* | |||
Earnings per share attributable to owners of the parent | 6 | |||||
Basic | ||||||
- For profit from continuing operations | 3.10 | 2.86 | 24.2 | 22.3 | ||
- For profit from a discontinued operation | - | 0.13 | - | 1.0 | ||
- For profit for the period | 3.10 | 2.99 | 24.2 | 23.3 | ||
Diluted | ||||||
- For profit from continuing operations | 3.10 | 2.86 | 24.2 | 22.3 | ||
- For profit from a discontinued operation | - | 0.13 | - | 1.0 | ||
- For profit for the period | 3.10 | 2.99 | 24.2 | 23.3 | ||
Details of the interim distribution declared for the period are disclosed in Note 7.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - UNAUDITED
For the six months ended 30 June | 2017 | 2016 | 2017 | 2016 |
US$m | US$m | HK$m* | HK$m* | |
Profit for the period | 394.9 | 365.0 | 3,080.2 | 2,847.0 |
Other comprehensive (loss)/income | ||||
Items that will be reclassified subsequently to profit or loss: | ||||
Exchange differences on translating foreign operations | (24.6) | 130.2 | (191.9) | 1,015.6 |
Unrealized gains on available-for-sale assets | 17.7 | 11.4 | 138.1 | 88.9 |
Realized gains on available-for-sale-assets | - | (2.6) | - | (20.3) |
Unrealized (losses)/gains on cash flow hedges | (34.7) | 45.8 | (270.7) | 357.2 |
Income tax related to cash flow hedges | 6.0 | (8.4) | 46.8 | (65.5) |
Share of other comprehensive income of associated companies | ||||
and joint ventures | 13.1 | 6.7 | 102.2 | 52.3 |
Items that will not be reclassified to profit or loss: | ||||
Actuarial losses on defined benefit pension plans | (0.1) | (0.4) | (0.8) | (3.1) |
Share of other comprehensive loss of associated companies | ||||
and joint ventures | (6.5) | (11.7) | (50.7) | (91.3) |
Other comprehensive (loss)/income for the period, net of tax | (29.1) | 171.0 | (227.0) | 1,333.8 |
Total comprehensive income for the period | 365.8 | 536.0 | 2,853.2 | 4,180.8 |
Attributable to: | ||||
Owners of the parent | 139.2 | 178.0 | 1,085.8 | 1,388.4 |
Non-controlling interests | 226.6 | 358.0 | 1,767.4 | 2,792.4 |
365.8 | 536.0 | 2,853.2 | 4,180.8 | |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2017 (Unaudited) | At 31 December 2016 (Audited) | At 30 June 2017 (Unaudited) | At 31 December 2016 (Audited) | ||
Notes | US$m | US$m | HK$m* | HK$m* | |
Non-current assets | |||||
Property, plant and equipment | 5,064.7 | 3,870.5 | 39,504.7 | 30,189.9 | |
Biological assets | 24.4 | 24.2 | 190.3 | 188.8 | |
Associated companies and joint ventures | 4,776.5 | 4,741.5 | 37,256.7 | 36,983.7 | |
Goodwill | 1,288.5 | 996.3 | 10,050.3 | 7,771.1 | |
Other intangible assets | 3,650.0 | 3,338.7 | 28,470.0 | 26,041.9 | |
Investment properties | 9.5 | 9.6 | 74.1 | 74.9 | |
Accounts receivable, other receivables and prepayments | 60.2 | 10.6 | 469.6 | 82.7 | |
Available-for-sale assets | 164.9 | 311.9 | 1,286.2 | 2,432.8 | |
Deferred tax assets | 204.8 | 178.8 | 1,597.4 | 1,394.6 | |
Restricted cash | - | 17.9 | - | 139.6 | |
Other non-current assets | 482.4 | 346.7 | 3,762.7 | 2,704.3 | |
15,725.9 | 13,846.7 | 122,662.0 | 108,004.3 | ||
Current assets | |||||
Cash and cash equivalents and short-term deposits | 2,145.4 | 1,691.9 | 16,734.1 | 13,196.8 | |
Pledged deposits and restricted cash | 65.6 | 60.6 | 511.7 | 472.7 | |
Available-for-sale assets | 57.2 | 39.9 | 446.2 | 311.2 | |
Accounts receivable, other receivables and prepayments | 8 | 1,163.8 | 826.3 | 9,077.6 | 6,445.2 |
Inventories | 806.9 | 715.2 | 6,293.8 | 5,578.6 | |
Biological assets | 32.0 | 34.8 | 249.6 | 271.4 | |
4,270.9 | 3,368.7 | 33,313.0 | 26,275.9 | ||
Current liabilities | |||||
Accounts payable, other payables and accruals | 9 | 1,334.9 | 1,064.5 | 10,412.2 | 8,303.1 |
Short-term borrowings | 1,547.1 | 1,280.7 | 12,067.4 | 9,989.5 | |
Provision for taxation | 90.0 | 80.4 | 702.0 | 627.1 | |
Current portion of deferred liabilities, provisions and payables | 348.3 | 296.2 | 2,716.7 | 2,310.4 | |
3,320.3 | 2,721.8 | 25,898.3 | 21,230.1 | ||
Net current assets | 950.6 | 646.9 | 7,414.7 | 5,045.8 | |
Total assets less current liabilities | 16,676.5 | 14,493.6 | 130,076.7 | 113,050.1 | |
Equity | |||||
Issued share capital | 43.4 | 42.8 | 338.5 | 333.8 | |
Shares held for share award scheme | (5.0) | (10.9) | (39.0) | (85.0) | |
Contributed surplus | 1,884.5 | 1,915.0 | 14,699.1 | 14,937.0 | |
Retained earnings | 1,441.6 | 1,305.5 | 11,244.5 | 10,182.9 | |
Other components of equity | (90.7) | (140.4) | (707.5) | (1,095.1) | |
Equity attributable to owners of the parent | 3,273.8 | 3,112.0 | 25,535.6 | 24,273.6 | |
Non-controlling interests | 5,368.6 | 4,922.3 | 41,875.1 | 38,393.9 | |
Total equity | 8,642.4 | 8,034.3 | 67,410.7 | 62,667.5 | |
Non-current liabilities | |||||
Long-term borrowings | 6,063.6 | 4,827.7 | 47,296.1 | 37,656.1 | |
Deferred liabilities, provisions and payables | 1,636.8 | 1,374.0 | 12,767.0 | 10,717.2 | |
Deferred tax liabilities | 333.7 | 257.6 | 2,602.9 | 2,009.3 | |
8,034.1 | 6,459.3 | 62,666.0 | 50,382.6 | ||
16,676.5 | 14,493.6 | 130,076.7 | 113,050.1 | ||
Equityattributable to owners of theparent | |||||||||||||
Differences | |||||||||||||
Shares | arising from | Reserves | |||||||||||
heldfor | Employee | Other | changesin | forassets | |||||||||
Issued | share | share-based | comprehensive | equitiesof | classified | Capital | Non- | (Unaudited) | |||||
share | award | Share | compensation | (loss)/income | subsidiary | asheld | andother | Contributed | Retained | controlling | Total | ||
US$ millions | capital | scheme | premium | reserve | (Note 10) | companies | forsale | reserves | surplus | earnings | Total | interests | equity |
Balanceat 1January 2016 | 42.7 | (6.0) | 1,779.7 | 70.5 | (623.2) | 369.5 | 25.7 | 12.4 | - | 1,398.9 | 3,070.2 | 4,264.2 | 7,334.4 |
Profit fortheperiod | - | - | - | - | - | - | - | - | - | 127.6 | 127.6 | 237.4 | 365.0 |
Othercomprehensiveincome/(loss) fortheperiod | - | - | - | - | 57.4 | - | (8.3) | - | - | 1.3 | 50.4 | 120.6 | 171.0 |
Totalcomprehensiveincome/(loss) fortheperiod | - | - | - | - | 57.4 | - | (8.3) | - | - | 128.9 | 178.0 | 358.0 | 536.0 |
Issueofsharesupontheexerciseofshareoptions | - | - | 2.8 | (0.9) | - | - | - | - | - | - | 1.9 | - | 1.9 |
Issueofsharesundershareawardscheme | 0.1 | (2.8) | 2.7 | - | - | - | - | - | - | - | - | - | - |
Sharesvestedundershareawardscheme | - | 0.6 | - | (0.6) | - | - | - | - | - | - | - | - | - |
Transferfromsharepremiumtocontributedsurplus | - | - | (1,785.2) | - | - | - | - | - | 1,785.2 | - | - | - | - |
Reclassification | - | - | - | - | - | - | - | - | 173.8 | (173.8) | - | - | - |
Cancellationofshareoptions | - | - | - | (4.0) | - | - | - | - | - | 4.0 | - | - | - |
Employeeshare-basedcompensationbenefits | - | - | - | 6.4 | - | - | - | - | - | - | 6.4 | - | 6.4 |
Acquisition, divestmentanddilutionofinterestsin | |||||||||||||
subsidiarycompanies | - | - | - | - | 8.3 | 102.2 | - | 0.2 | - | - | 110.7 | 532.8 | 643.5 |
Appropriationtostatutoryreservefunds | - | - | - | - | - | - | 0.1 | - | - | (0.1) | - | - | - |
2015 finaldividendpaid | - | - | - | - | - | - | - | - | - | (30.2) | (30.2) | - | (30.2) |
Acquisitionofsubsidiarycompanies | - | - | - | - | - | - | - | - | - | - | - | 13.5 | 13.5 |
Capitalcontributionsfromnon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | 17.7 | 17.7 |
Dividendspaidtonon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | (129.3) | (129.3) |
Balanceat 30June 2016 | 42.8 | (8.2) | - | 71.4 | (557.5) | 471.7 | 17.5 | 12.6 | 1,959.0 | 1,327.7 | 3,337.0 | 5,056.9 | 8,393.9 |
Balanceat 1January 2017 | 42.8 | (10.9) | 5.3 | 72.3 | (690.2) | 459.6 | - | 12.6 | 1,915.0 | 1,305.5 | 3,112.0 | 4,922.3 | 8,034.3 |
Profit fortheperiod | - | - | - | - | - | - | - | - | - | 133.1 | 133.1 | 261.8 | 394.9 |
Othercomprehensiveincome/(loss) fortheperiod | - | - | - | - | 3.1 | - | - | - | - | 3.0 | 6.1 | (35.2) | (29.1) |
Totalcomprehensiveincomefortheperiod | - | - | - | - | 3.1 | - | - | - | - | 136.1 | 139.2 | 226.6 | 365.8 |
Issueofsharesupontheexerciseofshareoptions | 0.6 | - | 51.0 | (17.1) | - | - | - | - | - | - | 34.5 | - | 34.5 |
Issueofsharesundershareawardscheme | - | (0.1) | 0.1 | - | - | - | - | - | - | - | - | - | - |
Sharesvestedundershareawardscheme | - | 6.0 | - | (5.3) | - | - | - | - | - | (0.7) | - | - | - |
Cancellationofshareoptions | - | - | - | (0.7) | - | - | - | - | - | 0.7 | - | - | - |
Employeeshare-basedcompensationbenefits | - | - | - | 5.2 | - | - | - | - | - | - | 5.2 | - | 5.2 |
Acquisition, divestmentanddilutionofinterestsin | |||||||||||||
subsidiarycompanies | - | - | - | - | - | 13.4 | - | - | - | - | 13.4 | (11.5) | 1.9 |
2016 finaldistributionpaid | - | - | - | - | - | - | - | - | (30.5) | - | (30.5) | - | (30.5) |
Acquisitionofsubsidiarycompanies | - | - | - | - | - | - | - | - | - | - | - | 414.1 | 414.1 |
Disposalofsubsidiarycompanies | - | - | - | - | - | - | - | - | - | - | - | (0.7) | (0.7) |
Capitalcontributionsfromnon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | 3.3 | 3.3 |
Dividendspaidanddeclaredtonon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | (185.5) | (185.5) |
Balanceat 30June 2017 | 43.4 | (5.0) | 56.4 | 54.4 | (687.1) | 473.0 | - | 12.6 | 1,884.5 | 1,441.6 | 3,273.8 | 5,368.6 | 8,642.4 |
Equityattributable to owners of theparent | |||||||||||||
Differences | |||||||||||||
Shares | arising from | Reserves | |||||||||||
heldfor | Employee | Other | changesin | forassets | |||||||||
Issued | share | share-based | comprehensive | equitiesof | classified | Capital | Non- | (Unaudited) | |||||
share | award | Share | compensation | (loss)/income | subsidiary | asheld | andother | Contributed | Retained | controlling | Total | ||
HK$ millions* | capital | scheme | premium | reserve | (Note 10) | companies | forsale | reserves | surplus | earnings | Total | interests | equity |
Balanceat 1January 2016 | 333.1 | (46.8) | 13,881.6 | 549.9 | (4,860.9) | 2,882.1 | 200.5 | 96.7 | - | 10,911.4 | 23,947.6 | 33,260.7 | 57,208.3 |
Profit fortheperiod | - | - | - | - | - | - | - | - | - | 995.3 | 995.3 | 1,851.7 | 2,847.0 |
Othercomprehensiveincome/(loss) fortheperiod | - | - | - | - | 447.7 | - | (64.7) | - | - | 10.1 | 393.1 | 940.7 | 1,333.8 |
Totalcomprehensiveincome/(loss) fortheperiod | - | - | - | - | 447.7 | - | (64.7) | - | - | 1,005.4 | 1,388.4 | 2,792.4 | 4,180.8 |
Issueofsharesupontheexerciseofshareoptions | - | - | 21.8 | (7.0) | - | - | - | - | - | - | 14.8 | - | 14.8 |
Issueofsharesundershareawardscheme | 0.7 | (21.9) | 21.2 | - | - | - | - | - | - | - | - | - | - |
Sharesvestedundershareawardscheme | - | 4.7 | - | (4.7) | - | - | - | - | - | - | - | - | - |
Transferfromsharepremiumtocontributedsurplus | - | - | (13,924.6) | - | - | - | - | - | 13,924.6 | - | - | - | - |
Reclassification | - | - | - | - | - | - | - | - | 1,355.6 | (1,355.6) | - | - | - |
Cancellationofshareoptions | - | - | - | (31.2) | - | - | - | - | - | 31.2 | - | - | - |
Employeeshare-basedcompensationbenefits | - | - | - | 49.9 | - | - | - | - | - | - | 49.9 | - | 49.9 |
Acquisition, divestmentanddilutionofinterestsin | |||||||||||||
subsidiarycompanies | - | - | - | - | 64.7 | 797.2 | - | 1.6 | - | - | 863.5 | 4,155.8 | 5,019.3 |
Appropriationtostatutoryreservefunds | - | - | - | - | - | - | 0.7 | - | - | (0.7) | - | - | - |
2015 finaldividendpaid | - | - | - | - | - | - | - | - | - | (235.6) | (235.6) | - | (235.6) |
Acquisitionofsubsidiarycompanies | - | - | - | - | - | - | - | - | - | - | - | 105.3 | 105.3 |
Capitalcontributionsfromnon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | 138.1 | 138.1 |
Dividendspaidtonon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | (1,008.5) | (1,008.5) |
Balanceat 30June 2016 | 333.8 | (64.0) | - | 556.9 | (4,348.5) | 3,679.3 | 136.5 | 98.3 | 15,280.2 | 10,356.1 | 26,028.6 | 39,443.8 | 65,472.4 |
Balanceat 1January 2017 | 333.8 | (85.0) | 41.3 | 564.0 | (5,383.6) | 3,584.9 | - | 98.3 | 14,937.0 | 10,182.9 | 24,273.6 | 38,393.9 | 62,667.5 |
Profit fortheperiod | - | - | - | - | - | - | - | - | - | 1,038.2 | 1,038.2 | 2,042.0 | 3,080.2 |
Othercomprehensiveincome/(loss) fortheperiod | - | - | - | - | 24.2 | - | - | - | - | 23.4 | 47.6 | (274.6) | (227.0) |
Totalcomprehensiveincomefortheperiod | - | - | - | - | 24.2 | - | - | - | - | 1,061.6 | 1,085.8 | 1,767.4 | 2,853.2 |
Issueofsharesupontheexerciseofshareoptions | 4.7 | - | 397.8 | (133.4) | - | - | - | - | - | - | 269.1 | - | 269.1 |
Issueofsharesundershareawardscheme | - | (0.8) | 0.8 | - | - | - | - | - | - | - | - | - | - |
Sharesvestedundershareawardscheme | - | 46.8 | - | (41.3) | - | - | - | - | - | (5.5) | - | - | - |
Cancellationofshareoptions | - | - | - | (5.5) | - | - | - | - | - | 5.5 | - | - | - |
Employeeshare-basedcompensationbenefits | - | - | - | 40.5 | - | - | - | - | - | - | 40.5 | - | 40.5 |
Acquisition, divestmentanddilutionofinterestsin | |||||||||||||
subsidiarycompanies | - | - | - | - | - | 104.5 | - | - | - | - | 104.5 | (89.7) | 14.8 |
2016 finaldistributionpaid | - | - | - | - | - | - | - | - | (237.9) | - | (237.9) | - | (237.9) |
Acquisitionofsubsidiarycompanies | - | - | - | - | - | - | - | - | - | - | - | 3,230.0 | 3,230.0 |
Disposalofsubsidiarycompanies | - | - | - | - | - | - | - | - | - | - | - | (5.5) | (5.5) |
Capitalcontributionsfromnon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | 25.8 | 25.8 |
Dividendspaidanddeclaredtonon-controllingshareholders | - | - | - | - | - | - | - | - | - | - | - | (1,446.8) | (1,446.8) |
Balanceat 30June 2017 | 338.5 | (39.0) | 439.9 | 424.3 | (5,359.4) | 3,689.4 | - | 98.3 | 14,699.1 | 11,244.5 | 25,535.6 | 41,875.1 | 67,410.7 |
First Pacific Company Limited published this content on 30 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 August 2017 04:27:07 UTC.
Original documenthttp://www.firstpacific.com/media/normal/16023_LTN20170830130.pdf
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