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 SIX MONTHS ENDED 30 JUNE 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 six months ended 30 June 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 30 June 2017.

Summary

On 4 August 2017, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the six months ended 30 June 2017. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 4 August 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 30 June 2017, is a company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange, Inc. ("PSE"). On 4 August 2017, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the six months ended 30 June 2017. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 4 August 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 six months ended 30 June 2017 and 2016, as well as the unaudited Consolidated Statement of Financial Position as at 30 June 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 Six Months Ended 30 June OPERATING REVENUES

2017

2016

Water and sewerage services revenue

10,314

10,120

Toll fees

6,460

5,946

Hospital revenue

5,034

4,112

Rail revenue

1,528

1,478

Logistics and other revenue

760

85

24,096

21,741

COST OF SALES AND SERVICES (9,942) (8,754)

General and administrative expenses

(5,001)

(4,233)

Interest expense

(2,732)

(2,726)

Share in net earnings of equity method investees

3,424

3,522

Interest income

174

213

Construction revenue and other income

13,251

8,203

GROSS PROFIT 14,154 12,987

Construction costs and other expenses (10,496) (6,429)

INCOME BEFORE INCOME TAX 12,774 11,537 PROVISION FOR (BENEFIT FROM) INCOME TAX

Current 2,172 2,075

Deferred

419

(461)

2,591

1,614

NET INCOME

OTHER COMPREHENSIVE INCOME (OCI)

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

10,183

212

9,923

606

Net OCI not being reclassified to profit or loss

in subsequent periods (88) -

124

606

TOTAL COMPREHENSIVE INCOME

10,307

10,529

Net income attributable to:

Owners of the Parent Company

7,821

6,980

Non-controlling interest

2,362

2,943

10,183

9,923

Total comprehensive income attributable to:

Owners of the Parent Company

7,945

7,571

Non-controlling interest

2,362

2,958

10,307

10,529

EARNINGS PER SHARE

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

24.81

24.42

Diluted Earnings Per Common Share, Attributable to

Owners of the Parent Company 24.78 24.40

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in Peso Millions)

As at

30 June

2017

(Unaudited)

31 December

2016

(Audited)

ASSETS

Current Assets

Cash and cash equivalents and short-term deposits

39,772

19,469

Restricted cash

2,848

2,432

Receivables

11,324

5,171

Other current assets

9,767

4,728

Total Current Assets

63,711

31,800

Noncurrent Assets

Restricted cash

889

Available-for-sale financial assets

1,714

1,859

Investments and advances

128,416

126,556

Goodwill

35,401

21,004

Service concession assets

158,992

152,693

Property and equipment

64,550

10,480

Deferred tax assets

848

467

Other noncurrent assets

19,035

5,854

Total Noncurrent Assets

408,956

319,802

472,667

351,602

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and other current liabilities

21,465

14,965

Income tax payable

730

466

Due to related parties Current portion of:

Provisions

3,779

5,557

1,713

5,229

Long-term debt

12,987

3,797

Service concession fees payable

747

874

Total Current Liabilities

45,265

27,044

Noncurrent Liabilities

Noncurrent portion of: Provisions

5,111

239

Service concession fees payable

28,597

28,000

Long-term debt

153,277

93,219

Due to related parties

11,478

6,726

Deferred tax liabilities

7,761

3,925

Other long-term liabilities

5,732

4,368

Total Noncurrent Liabilities

211,956

136,477

Total Liabilities

257,221

163,521

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Amounts in Peso Millions)

As at

30 June

2017

(Unaudited)

31 December

2016

(Audited)

Equity

Owners of the Parent Company: Capital stock

31,624

31,619

Additional paid-in capital

68,457

68,438

Treasury shares

(167)

(167)

Equity reserves

6,322

6,282

Retained earnings

49,656

43,889

Other comprehensive income reserve

2,095

1,971

Total equity attributable to owners of the Parent Company

157,987

152,032

Non-controlling interest

57,459

36,049

Total Equity

215,446

188,081

472,667

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 4 August 2017.

Hong Kong, 4 August 2017

By Order of the Board

First Pacific Company Limited Manuel V. Pangilinan

Managing Director and CEO

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 04 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 04 August 2017 04:18:02 UTC.

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