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 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 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.
SummaryOn 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 |
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 |
(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 |
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. PangilinanManaging 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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