FIRST PACIFIC COMPANY LIMITED 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.
第一太平有限公司(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 NINE MONTHS ENDED 30 SEPTEMBER 2016This 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 nine months ended 30 September 2016.
SummaryThe board of directors of IndoAgri approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2016, which have been submitted to the Singapore Stock Exchange on 28 October 2016, 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 September 2016, IndoAgri is owned as to approximately 71.5% 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 2.8% of IndoAgri.
The board of directors of IndoAgri approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2016, which have been submitted to the Singapore Stock Exchange on 28 October 2016, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and 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 nine months ended 30 September 2016 and 2015, as well as the unaudited Consolidated Balance Sheet as at 30 September 2016 and restated Consolidated Balance Sheet 31 December 2015 and 1 January 2015 for IndoAgri are provided below:
INDOFOOD AGRI RESOURCES LTD. CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (UNAUDITED) FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015 Group 30/09/2016 30/09/2015 ChangeRp' million Rp' million %
(Restated)
Revenue 10,267,691 10,060,270 2.1
Cost of sales (8,187,429) (7,973,416) 2.7
Gross profit 2,080,262 2,086,854 (0.3)Gross profit % 20.3% 20.7%
Selling and distribution expenses (430,317) (348,135) 23.6
General and administrative expenses (681,218) (714,892) (4.7)
Foreign exchange gain/(loss) 190,781 (481,789) n/m
Other operating income 45,956 81,127 (43.4)
Other operating expenses (118,625) (130,134) (8.8)
Share of results of associate companies (38,331) (37,474) 2.3
Share of results of a joint venture (71,824) (158,262) (54.6)
Profit from operations before biological assets gain/(loss) 976,684 297,295 228.5Gain/(loss) arising from changes in fair value of biological assets 120,383 (31,181) n/m
Profit from operations including biological assets gain/(loss) 1,097,067 266,114 312.3Financial income 67,681 92,865 (27.1)
Financial expenses (507,020) (525,046) (3.4)
Profit/(loss) before tax 657,728 (166,067) n/mIncome tax expense (357,490) (81,608) 338.1
Net profit/(loss) after tax 300,238 (247,675) n/m Core net profit after tax(1) 50,238 174,131 (71.1) Profit/(loss) attributable to:Owners of the Company 284,014 (242,660) n/m
Non-controlling interests 16,224 (5,015) n/m
Foreign currency translation 27,313 (31,557) n/m
Items that will not be reclassified to profit or lossRe-measurement gain/(loss) on employee benefits liability 2,187 (2,891) n/m Share of other comprehensive gain of a joint venture 69,920 - n/m
Other comprehensive income/(loss) for the period, net of tax 99,420 (34,448) n/m
Total comprehensive income/(loss) 399,658 (282,123) n/m Total comprehensive income/(loss) attributable to:Owners of the Company 384,019 (284,389) n/m
Non-controlling interests 15,639 2,266 n/m
n/m denotes "Not Meaningful"
(1) Earnings before accounting for the effects of foreign exchange and changes in the fair value of biological assets
INDOFOOD AGRI RESOURCES LTD. CONSOLIDATED BALANCE SHEETS AS AT 30 SEPTEMBER 2016 (UNAUDITED), 31 DECEMBER 2015 AND 1 JANUARY 2015 (RESTATED) Group30/09/2016 Rp' million | 31/12/2015 (Restated) Rp' million | 01/01/2015 (Restated) Rp' million | |
Non-current assets Biological assets | 362,718 | 360,802 | 305,299 |
Property, plant and equipment | 21,603,530 | 21,566,811 | 20,640,101 |
Goodwill | 3,253,637 | 3,253,637 | 3,253,637 |
Claims for tax refund | 168,850 | 155,812 | 148,545 |
Deferred tax assets | 1,417,052 | 1,378,386 | 1,141,028 |
Investment in associate companies | 1,112,549 | 1,217,280 | 416,460 |
Investment in convertible note | - | - | 62,200 |
Investment in a joint venture | 675,452 | 607,051 | 801,153 |
Advances and prepayments | 422,807 | 500,963 | 746,606 |
Other non-current receivables | 1,022,471 | 844,321 | 673,339 |
Total non-current assets | 30,039,066 | 29,885,063 | 28,188,368 |
Current assets Inventories | 2,079,093 | 1,936,731 | 1,773,329 |
Trade and other receivables | 1,245,263 | 1,099,402 | 1,056,165 |
Advances and prepayments | 489,333 | 147,899 | 165,898 |
Prepaid taxes | 247,660 | 221,972 | 231,179 |
Other current assets | 147,069 | 26,686 | 70,346 |
Cash and cash equivalents | 1,794,941 | 1,969,100 | 3,585,780 |
Total current assets | 6,003,359 | 5,401,790 | 6,882,697 |
Total assets | 36,042,425 | 35,286,853 | 35,071,065 |
Current liabilities Trade and other payables and accruals | 1,874,593 | 1,802,866 | 1,854,311 |
Advances and taxes payable | 232,821 | 214,364 | 203,780 |
Interest-bearing loans and borrowings | 2,966,260 | 4,398,801 | 4,749,195 |
Income tax payable | 101,236 | 34,879 | 144,183 |
Total current liabilities | 5,174,910 | 6,450,910 | 6,951,469 |
Non-current liabilities Interest-bearing loans and borrowings | 7,237,008 | 5,741,803 | 5,068,141 |
Amounts due to related parties and other payables | 535,008 | 368,882 | 590,259 |
Provision and other liabilities | 33,657 | 27,478 | 25,199 |
Employee benefits liabilities | 1,896,435 | 1,744,193 | 1,803,240 |
Deferred tax liabilities | 777,923 | 773,739 | 719,283 |
Total non-current liabilities | 10,480,031 | 8,656,095 | 8,206,122 |
Total liabilities | 15,654,941 | 15,107,005 | 15,157,591 |
Net assets | 20,387,484 | 20,179,848 | 19,913,474 |
Equity attributable to owners of the Company | |||
Share capital | 3,584,279 | 3,584,279 | 3,584,279 |
Treasury shares | (390,166) | (390,166) | (238,263) |
Revenue reserves | 7,816,952 | 7,600,694 | 7,630,072 |
Other reserves | 572,646 | 473,237 | 640,116 |
11,583,711 | 11,268,044 | 11,616,204 | |
Non-controlling interests | 8,803,773 | 8,911,804 | 8,297,270 |
Total equity | 20,387,484 | 20,179,848 | 19,913,474 |
Shareholders should note that the above unaudited and restated 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 submitted to the Singapore Stock Exchange (http://www.sgx.com), as well as disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company on 28 October 2016.
By Order of the Board
First Pacific Company Limited Nancy L.M. LiCompany Secretary
Hong Kong, 28 October 2016
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
Ambassador Albert F. del Rosario
Independent Non-executive Directors: Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok
Madeleine Lee Suh Shin
First Pacific Company Limited published this content on 28 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 October 2016 00:01:03 UTC.
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