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 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 first quarter ended 31 March 2016.
SUMMARYThe board of directors of IndoAgri approved the release of the unaudited consolidated financial results for the first quarter ended 31 March 2016, which have been submitted to the Singapore Stock Exchange on 29 April 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 31 March 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 first quarter ended 31 March 2016, which have been submitted to the Singapore Stock Exchange on 29 April 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 first quarters ended 31 March 2016 and 2015, as well as the unaudited Consolidated Balance Sheet as at 31 March 2016 and restated Consolidated Balance Sheets as at 31 December 2015 and 1 January 2015 for IndoAgri are provided below:
INDOFOOD AGRI RESOURCES LTD. CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (UNAUDITED) FOR THE FIRST QUARTERS ENDED 31 MARCH 2016 AND 2015 GroupRevenue | Rp' million 3,147,023 | Rp' million 2,659,267 | % 18.3 |
Cost of sales | (2,613,350) | (2,044,419) | 27.8 |
Gross profit | 533,673 | 614,848 | (13.2) |
Gross profit % | 17.0% | 23.1% | |
Selling and distribution expenses | (134,040) | (92,971) | 44.2 |
General and administrative expenses | (209,647) | (217,835) | (3.8) |
Foreign exchange gains/(losses) | 120,941 | (116,350) | (203.9) |
Other operating income | 16,386 | 34,496 | (52.5) |
Other operating expenses | (49,748) | (39,038) | 27.4 |
Share of results of associate companies | (5,040) | 3,694 | (236.4) |
Share of results of a joint venture | (47,841) | (28,562) | 67.5 |
Profit from operations before | |||
biological assets gain Gain arising from changes in fair value of biological assets | 224,684 83,972 | 158,282 15,108 | 42.0 455.8 |
Profit from operations including | |||
biological assets gain | 308,656 | 173,390 | 78.0 |
Finance income | 24,157 | 39,823 | (39.3) |
Finance expenses | (166,075) | (166,450) | (0.2) |
Profit before tax | 166,738 | 46,763 | 256.6 |
Income tax expense | (70,879) | (38,305) | 85.0 |
Net profit for the period | 95,859 | 8,458 | n/m |
Core net (loss)/profit after tax(1) | (68,129) | 92,510 | (173.6) |
Profit for the period attributable to: | |||
- Owners of the Company | 94,965 | 3,970 | n/m |
- Non-controlling interests | 894 | 4,488 | (80.1) |
95,859 | 8,458 | n/m | |
Other comprehensive income: | |||
Items that may be reclassified |
Foreign currency translation 1,109 (64,214) (101.7)
Items that will not be reclassified to profit or lossRe-measurement gain/(loss) on employee
benefits liability 12,572 (465) n/m
Other comprehensive income/(loss)
for the period, net of tax 13,681 (64,679) (121.2)
Total comprehensive income/(loss)for the period 109,540 (56,221) (294.8)
attributable to: | |||
- Owners of the Company | 103,336 | (63,461) | (262.8) |
- Non-controlling interests | 6,204 | 7,240 | (14.3) |
109,540 | (56,221) | (294.8) |
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 2016 (UNAUDITED), 31 DECEMBER 2015 AND 1 JANUARY 2015 (RESTATED) Non-current assets Group 31/03/2016 31/12/2015 01/01/2015(Restated) (Restated)
Rp' million Rp' million Rp' million
Biological assets 1,640,017 1,555,300 1,814,987
Property, plant and equipment 11,535,112 11,496,484 11,026,669
Bearer plants 9,952,553 9,891,460 9,438,511
Goodwill 3,253,637 3,253,637 3,253,637
Claims for tax refund 155,812 155,812 148,545
Deferred tax assets 1,437,999 1,378,386 1,141,028
Investment in associate companies 1,156,401 1,217,280 416,460 Investment in convertible note - - 62,200
Investment in a joint venture 588,975 607,051 801,153
Advances and prepayments 567,879 500,963 746,606 Other non-current receivables 870,181 844,321 673,339
Total non-current assets 31,158,566 30,900,694 29,523,135
Current assetsInventories 1,662,425 1,936,731 1,773,329
Trade and other receivables 1,160,946 1,099,402 1,056,165
Advances and prepayments 372,733 147,899 165,899
Prepaid taxes 236,190 221,972 231,179
Bearer plants 212,724 165,308 161,819 Cash and cash equivalents 2,027,727 1,969,100 3,585,780
Total current assets 5,672,745 5,540,412 6,974,171
Total assets 36,831,311 36,441,106 36,497,306
Current liabilitiesTrade and other payables and accruals 1,850,913 1,802,866 1,854,311
Advances and taxes payable 156,385 214,364 203,780
Interest-bearing loans and borrowings 3,564,267 4,398,801 4,749,195 Income tax payable 66,094 34,879 144,183
Total current liabilities 5,637,659 6,450,910 6,951,469
Non-current liabilitiesInterest-bearing loans and borrowings 6,660,645 5,741,803 5,068,141 Amounts due to related parties and
other payables 488,306 368,882 590,259
Provision and other liabilities 30,797 27,478 25,199
Employee benefits liabilities 1,768,105 1,744,193 1,803,240 Deferred tax liabilities 1,225,342 1,196,923 1,210,466
Total non-current liabilities 10,173,195 9,079,279 8,697,305
Total liabilities 15,810,854 15,530,189 15,648,774
Net assets 21,020,457 20,910,917 20,848,532 Equity attributable to owners of the CompanyShare capital 3,584,279 3,584,279 3,584,279
Treasury shares (390,166) (390,166) (238,263)
Revenue reserves 8,366,689 8,266,369 8,396,303 Other reserves 728,065 725,049 888,725
Non-controlling interests | 8,731,590 | 8,725,386 | 8,217,488 |
Total equity | 21,020,457 | 20,910,917 | 20,848,532 |
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 29 April 2016.
By Order of the Board
First Pacific Company Limited Nancy L.M. LiCompany Secretary
Hong Kong, 29 April 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 Napoleon L. Nazareno
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 issued this content on 29 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2016 00:39:09 UTC
Original Document: http://www.firstpacific.com/media/normal/19649_2016-0429_IndoAgri_1Q16_announcement.pdf
