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 NINE MONTHS ENDED 30 SEPTEMBER 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 nine months ended 30 September 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 September 2017.

Summary

On 8 November 2017, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2017. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 8 November 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 September 2017, is a company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange, Inc. ("PSE"). On 8 November 2017, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2017. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 8 November 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 nine months ended 30 September 2017 and 2016, as well as the unaudited Consolidated Statement of Financial Position as at 30 September 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 Nine Months Ended 30 September OPERATING REVENUES

2017

2016

Water and sewerage services revenue

15,690

15,336

Toll fees

9,605

8,794

Hospital revenue

7,872

6,556

Power and coal sales

6,475

−

Rail revenue

2,327

2,224

Logistics and other revenue

1,124

229

43,093 33,139

COST OF SALES AND SERVICES

(19,025)

(13,412)

GROSS PROFIT

24,068

19,727

General and administrative expenses

(8,443)

(6,575)

Interest expense

(5,249)

(4,182)

Share in net earnings of equity method investees

5,993

5,423

Interest income

352

306

Construction revenue and other income

19,487

12,680

Construction costs and other expenses

(16,558)

(10,928)

INCOME BEFORE INCOME TAX

19,650

16,451

PROVISION FOR (BENEFIT FROM) INCOME TAX

Current

3,720

3,121

Deferred

532

(384)

4,252

2,737

NET INCOME

15,398

13,714

OTHER COMPREHENSIVE INCOME (OCI)

Net OCI to be reclassified to profit or loss in subsequent

periods 296 746

Net OCI not being reclassified to profit or loss in

subsequent periods

(77)

−

219

746

TOTAL COMPREHENSIVE INCOME

15,617

14,460

Net income attributable to:

Owners of the Parent Company

11,128

9,480

Non-controlling interest

4,270

4,234

15,398

13,714

Total comprehensive income attributable to:

Owners of the Parent Company

11,345

10,213

Non-controlling interest

4,272

4,247

15,617

14,460

EARNINGS PER SHARE

Basic Earnings Per Common Share, Attributable to Owners

of the Parent Company 35.30 32.05

Diluted Earnings Per Common Share, Attributable to

Owners of the Parent Company 35.26 32.02

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts in Peso Millions)

As at

30 September

2017

(Unaudited)

31 December

2016

(Audited)

ASSETS

Current Assets

Cash and cash equivalents and short-term deposits

49,414

19,469

Restricted cash

3,730

2,432

Receivables

10,802

5,171

Other current assets

10,241

4,728

Total Current Assets

74,187

31,800

Noncurrent Assets

Restricted cash

−

889

Available-for-sale financial assets

1,722

1,859

Investments and advances

126,427

126,556

Service concession assets

164,077

152,693

Property and equipment

64,319

10,480

Goodwill

35,536

21,004

Deferred tax assets

940

467

Other noncurrent assets

20,958

5,854

Total Noncurrent Assets

413,979

319,802

488,166

351,602

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and other current liabilities

24,393

14,965

Income tax payable

1,415

466

Due to related parties Current portion of:

Provisions

3,825

5,749

1,713

5,229

Long-term debt

14,551

3,797

Service concession fees payable

889

874

Total Current Liabilities

50,822

27,044

Noncurrent Liabilities

Noncurrent portion of: Provisions

1,932

239

Service concession fees payable

28,612

28,000

Long-term debt

159,304

93,219

Due to related parties

11,622

6,726

Deferred tax liabilities

7,902

3,925

Other long-term liabilities

9,096

4,368

Total Noncurrent Liabilities

218,468

136,477

Total Liabilities

269,290

163,521

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Amounts in Peso Millions)

As at

30 September

2017

(Unaudited)

31 December

2016

(Audited)

Equity

Owners of the Parent Company: Capital stock

31,625

31,619

Additional paid-in capital

68,463

68,438

Treasury shares

(167)

(167)

Equity reserves

6,002

6,282

Retained earnings

51,871

43,889

Other comprehensive income reserve

2,188

1,971

Total equity attributable to owners of the Parent Company

159,982

152,032

Non-controlling interest

58,894

36,049

Total Equity

218,876

188,081

488,166

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 8 November 2017.

Hong Kong, 8 November 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

Robert C. Nicholson Christopher H. Young

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 08 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 08 November 2017 04:26:02 UTC.

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