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 METRO PACIFIC INVESTMENTS CORPORATION IN RELATION TO ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2017

This 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 for the three months ended 31 March 2017 of Metro Pacific Investments Corporation ("MPIC"), a company in which the First Pacific Group holds an economic interest of approximately 42.0% as at 31 March 2017.

Summary

On 3 May 2017, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the three months ended 31 March 2017. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 3 May 2017 , and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.

MPIC, a company in which the First Pacific Group holds an economic interest of approximately 42.0% as at 31 March 2017, is a company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange, Inc. ("PSE"). On 3 May 2017, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the three months ended 31 March 2017. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 3 May 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 the Philippine Financial Reporting Standards and are presented in Philippine Peso. MPIC's unaudited Consolidated Statements of Comprehensive Income for the three months ended 31 March 2017 and 2016, as well as the unaudited Consolidated Statement of Financial Position as at 31 March 2017 and audited Consolidated Statement of Financial Position as at 31 December 2016 are provided below:

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Amounts in Peso Millions, except Per Share Amounts which are in Peso Centavos)

For the three months ended 31 March OPERATING REVENUES

2017

2016

Water and sewerage services revenue

4,824

4,935

Toll fees

3,102

2,881

Hospital revenue

2,545

2,033

Rail revenue

799

746

Logistics and other revenue

224

-

11,494

10,595

COST OF SALES AND SERVICES (4,786) (4,257) GROSS PROFIT 6,708 6,338

General and administrative expenses

(2,747)

(2,198)

Interest expense

(1,349)

(1,344)

Share in net earnings of equity method investees

1,744

1,420

Interest income

84

97

Construction revenue and other income Construction costs and other expenses

4,339

(3,647)

3,987

(3,495)

INCOME BEFORE INCOME TAX

5,132

4,805

PROVISION FOR INCOME TAX

Current

995

907

Deferred

115

114

1,110

1,021

NET INCOME

OTHER COMPREHENSIVE INCOME (OCI)

Net OCI to be reclassified to profit or loss in subsequent periods

4,022

170

3,784

(185)

Net OCI not being reclassified to profit or loss in subsequent periods

4

-

174

(185)

TOTAL COMPREHENSIVE INCOME

4,196

3,599

Net income attributable to:

Owners of the Parent Company

3,007

2,628

Non-controlling interest

1,015

1,156

4,022

3,784

Total comprehensive income attributable to:

Owners of the Parent Company

3,181

2,428

Non-controlling interest

1,015

1,171

4,196

3,599

EARNINGS PER SHARE

Basic Earnings Per Common Share, Attributable to Owners of the Parent Company

9.54

9.42

Diluted Earnings Per Common Share, Attributable to

Owners of the Parent Company 9.53 9.41

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in Peso Millions)

As at

31 March

2017

(Unaudited)

31 December

2016

(Audited)

ASSETS

Current Assets

Cash and cash equivalents and short-term deposits

19,172

19,469

Restricted cash

3,177

2,432

Receivables

7,501

5,171

Other current assets

4,741

4,728

Total Current Assets

34,591

31,800

Noncurrent Assets

Restricted cash

-

889

Available-for-sale financial assets

1,909

1,859

Investments and advances

126,780

126,556

Goodwill

21,369

21,004

Service concession assets

155,678

152,693

Property and equipment

10,688

10,480

Deferred tax assets

502

467

Other noncurrent assets

6,703

5,854

Total Noncurrent Assets

323,629

319,802

358,220

351,602

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and other current liabilities

16,911

14,965

Income tax payable

1,845

466

Due to related parties Current portion of:

Provisions

2,440

5,548

1,713

5,229

Long-term debt

2,930

3,797

Service concession fees payable

800

874

Total Current Liabilities

30,474

27,044

Noncurrent Liabilities

Noncurrent portion of: Provisions

322

239

Service concession fees payable

28,278

28,000

Long-term debt

95,128

93,219

Due to related parties

6,806

6,726

Deferred tax liabilities

4,114

3,925

Other long-term liabilities

4,297

4,368

Total Noncurrent Liabilities

138,945

136,477

Total Liabilities

169,419

163,521

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Amounts in Peso Millions)

As at Equity

31 March

2017

(Unaudited)

31 December

2016

(Audited)

Owners of the Parent Company: Capital stock

31,619

31,619

Additional paid-in capital

68,439

68,438

Treasury shares

(167)

(167)

Equity reserves

6,298

6,282

Retained earnings

44,749

43,889

Other comprehensive income reserve

2,145

1,971

Total equity attributable to owners of the Parent Company

153,083

152,032

Non-controlling interest

35,718

36,049

Total Equity

188,801

188,081

358,220

351,602

GENERAL

Shareholders should note that the above unaudited and audited consolidated financial results pertain only to MPIC and not to First Pacific itself.

The above information only refers to certain sections of MPIC's disclosure and shareholders should refer to MPIC's original filing submitted to the PSE (http://www.pse.com.ph), as well as disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company on 3 May 2017.

By Order of the Board

First Pacific Company Limited Manuel V. Pangilinan

Managing Director and CEO

Hong Kong, 3 May 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 03 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 May 2017 11:03:29 UTC.

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