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 FIRST QUARTER ENDED 31 MARCH 2017This 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 first quarter ended 31 March 2017.
SummaryThe board of directors of IndoAgri approved the release of the unaudited consolidated financial results for the first quarter ended 31 March 2017, which have been submitted to the Singapore Stock Exchange on 28 April 2017, 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 31 March 2017, 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 first quarter ended 31 March 2017, which have been submitted to the Singapore Stock Exchange on 28 April 2017, 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 first quarters ended 31 March 2017 and 2016, as well as the unaudited Consolidated Balance Sheet as at 31 March 2017 and audited Consolidated Balance Sheet as at 31 December 2016 for IndoAgri are provided below:
INDOFOOD AGRI RESOURCES LTD. CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (UNAUDITED) FOR THE FIRST QUARTERS ENDED 31 MARCH 2017 AND 2016 Group31/03/2017 Rp' million | 31/03/2016 Rp' million | Change % | |
Revenue | 4,400,811 | 3,147,023 | 39.8 |
Cost of sales | (3,344,176) | (2,620,135) | 27.6 |
Gross profit | 1,056,635 | 526,888 | 100.5 |
Gross profit % | 24.0% | 16.7% | |
Selling and distribution expenses | (152,514) | (134,040) | 13.8 |
General and administrative expenses | (212,537) | (209,647) | 1.4 |
Foreign exchange gain | 23,131 | 120,941 | (80.9) |
Other operating income | 23,587 | 16,245 | 45.2 |
Other operating expenses | (29,654) | (42,822) | (30.8) |
Share of results of associate companies | (249) | (5,040) | (95.1) |
Share of results of a joint venture | (43,135) | (47,841) | (9.8) |
Profit from operations before biological assets (loss)/gain | 665,264 | 224,684 | 196.1 |
(Loss)/gain arising from changes in fair value of biological assets | (47,459) | 83,972 | n/m |
Profit from operations after biological assets (loss)/gain | 617,805 | 308,656 | 100.2 |
Finance income | 25,142 | 24,157 | 4.1 |
Finance expenses | (160,179) | (166,075) | (3.6) |
Profit before tax | 482,768 | 166,738 | 189.5 |
Income tax expense | (153,794) | (70,879) | 117.0 |
Net profit after tax | 328,974 | 95,859 | 243.2 |
Core net profit/(loss) after tax(1) | 344,757 | (68,129) | n/m |
Profit for the period attributable to:
| 170,567 158,407 | 94,965 894 | 79.6 n/m |
328,974 | 95,859 | 243.2 | |
Other comprehensive income: | |||
Items that may be reclassified subsequently to profit or loss | |||
Foreign currency translation | 9,463 | 1,109 | n/m |
Items that will not be reclassified to profit or loss | |||
Re-measurement (loss)/gain on employee benefits liability | (967) | 12,572 | n/m |
Other comprehensive gain for the period, net of tax | 8,496 | 13,681 | (37.9) |
Total comprehensive income for the period | 337,470 | 109,540 | 208.1 |
Total comprehensive income attributable to: | |||
- Owners of the Company | 179,707 | 103,336 | 73.9 |
- Non-controlling interests | 157,763 | 6,204 | n/m |
337,470 | 109,540 | 208.1 | |
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 31 MARCH 2017 (UNAUDITED) AND 31 DECEMBER 2016 (AUDITED) Group 31/03/2017 31/12/2016Rp' million Rp' million
Non-current assetsBiological assets 325,121 325,102
Property, plant and equipment 21,346,689 21,396,796
Goodwill 3,253,637 3,253,637
Claims for tax refund 179,136 178,704
Deferred tax assets 1,279,880 1,240,194
Investment in associate companies 997,640 1,002,247
Investment in a joint venture 724,273 751,850
Advances and prepayments 489,343 425,917
Other non-current receivables 1,168,959 1,174,662
Total non-current assets 29,764,678 29,749,109 Current assetsInventories 2,535,973 2,270,749
Trade and other receivables 1,324,157 1,122,774
Advances and prepayments 345,742 240,215
Prepaid taxes 316,852 251,107
Biological assets 469,758 464,722
Cash and cash equivalents 2,694,604 2,404,838
Total current assets 7,687,086 6,754,405 Total assets 37,451,764 36,503,514 Current liabilitiesTrade and other payables and accruals 1,801,561 1,499,716
Advances and taxes payable 234,843 453,672
Interest-bearing loans and borrowings 2,997,299 2,481,405
Income tax payable 340,901 215,515
Total current liabilities 5,374,604 4,650,308 Non-current liabilitiesInterest-bearing loans and borrowings 7,411,061 7,545,936 Amounts due to related parties and other payables 572,962 569,779 Provision and other liabilities 31,224 31,086
Employee benefits liabilities 2,029,553 1,980,219
Deferred tax liabilities 818,156 848,134
Total non-current liabilities 10,862,956 10,975,154 Total liabilities 16,237,560 15,625,462 Net assets 21,214,204 20,878,052 Equity attributable to owners of the CompanyShare capital 3,584,279 3,584,279
Treasury shares (390,166) (390,166)
Revenue reserves 8,220,440 8,050,399
Other reserves 599,790 590,123
12,014,343 11,834,635Non-controlling interests 9,199,861 9,043,417
Total equity 21,214,204 20,878,052 GENERALShareholders 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 28 April 2017.
By Order of the Board
First Pacific Company Limited Nancy L.M. LiCompany Secretary
Hong Kong, 28 April 2017
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 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 April 2017 23:59:14 UTC.
Original documenthttp://www.firstpacific.com/media/normal/15959_LTN20170428211.pdf
Public permalinkhttp://www.publicnow.com/view/997C43EA38258C467BE91FAB819BCA2522D97A17
