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 PHILEX MINING CORPORATION IN RELATION TO ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2016This Announcement is made by First Pacific Company Limited ("First Pacific" or the "Company") to provide shareholders of First Pacific and the public with the unaudited consolidated financial results of Philex Mining Corporation ("Philex"), a major operating associate of the Company, for the three months ended 31 March 2016.
SummaryOn 27 April 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the three months ended 31 March 2016. Philex's unaudited consolidated financial results have been submitted to the Philippine Stock Exchange, Inc. ("PSE") on 27 April 2016, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of The Stock Exchange of Hong Kong Limited ("HKEX") and the Company.
Philex, a major operating associate of First Pacific, is a company incorporated in the Philippines whose shares are listed on the PSE. First Pacific holds a 31.2% economic interest in Philex (Two Rivers Pacific Holdings Corporation, a Philippine affiliate of First Pacific, holds an additional 15.0% economic interest in Philex). On 27 April 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the three months ended 31 March 2016. Philex's unaudited consolidated financial results have been submitted to the PSE on 27 April 2016, which have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of 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. Philex's unaudited Consolidated Statements of Income for the three months ended 31 March 2016 and 2015, as well as the unaudited Consolidated Statement of Financial Position as at 31 March 2016 and audited Consolidated Statement of Financial Position as at 31 December 2015 are provided below:
PHILEX MINING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED 31 MARCH 2016 AND 2015(Amounts in Peso Thousands, except Earnings Per Share which are in Peso)
2016 2015 REVENUEGold | 1,427,229 | 1,423,215 |
Copper | 945,738 | 912,408 |
Silver | 16,773 | 19,374 |
Petroleum & others | 23,125 | 37,616 |
2,412,865 | 2,392,613 | |
Less: Smelting charges | 210,715 | 199,511 |
2,202,150 | 2,193,102 | |
COSTS AND EXPENSES Mining and milling costs (including depletion and |
depreciation) 1,423,798 1,542,387
General and administrative expenses 110,446 188,542
Excise taxes and royalties 105,988 113,723
Petroleum and other production costs 19,007 23,795 Handling, hauling and storage 14,496 18,671
1,673,735 1,887,118 INCOME FROM OPERATIONS 528,415 305,984 OTHER INCOME (CHARGES)Foreign exchange gain - net 50,184 13,296
Interest income 1,756 3,305
Gain on disposal of available-for-sale (AFS)
financial assets - 107,088
Interest expense - (18,691)
Others - net 31,793 4,919
83,733 109,917 INCOME BEFORE INCOME TAX 612,148 415,901PROVISION FOR INCOME TAX (191,703) (110,583)
NET INCOME 420,445 305,318 NET INCOME ATTRIBUTABLE TO:Equity holders of the Parent Company 426,435 328,542
Non-controlling interests (5,990) (23,224)
420,445 305,318 CORE NET INCOME 388,898 214,479 BASIC EARNINGS PER SHARE 0.0863 0.0665 DILUTED EARNINGS PER SHARE 0.0863 0.0665 PHILEX MINING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Amounts in Peso Thousands, except Par Value Per Share which is in Peso)
31 March 31 December 2016 2015 (UNAUDITED) (AUDITED) ASSETS Current AssetsCash and cash equivalents 879,343 1,008,686
Accounts receivable 711,958 897,479
Inventories 2,190,425 1,886,544
Other current assets 1,487,469 1,478,748
Total Current Assets 5,269,195 5,271,457 Noncurrent AssetsProperty, plant and equipment 6,760,416 6,828,052
AFS financial assets 106,687 106,687
Investment in an associate 653,408 659,408
Goodwill 1,238,583 1,238,583
Deferred income tax assets - net 5,992 5,992 Deferred exploration costs and other noncurrent assets 29,808,011 29,438,845
Total Noncurrent Assets 38,573,097 38,277,567 TOTAL ASSETS 43,842,292 43,549,024 LIABILITIES AND EQUITY Current LiabilitiesLoans payable 3,109,545 3,317,730
Accounts payable and accrued liabilities 1,324,713 1,448,445
Income tax payable 107,002 13,014
Dividends payable 479,385 479,652
Provisions and subscriptions payable 436,019 456,043 Derivative liability 10,438 -
Total Current Liabilities 5,467,102 5,714,884 Noncurrent LiabilitiesLoans and bonds payable 6,329,223 6,259,063
Deferred income tax liabilities - net 4,017,438 3,939,160 Pension obligation 21,968 21,968
Provision for losses and mine rehabilitation costs 328,582 330,047
Total Noncurrent Liabilities 10,697,211 10,550,238 TOTAL LIABILITIES 16,164,313 16,265,122 Equity Attributable to Equity Holders of the Parent CompanyCapital Stock - Peso 1 par value 4,940,399 4,940,399
Additional paid-in capital 1,143,448 1,142,722 Retained earnings
Unappropriated 5,922,706 5,496,271
Appropriated 10,000,000 10,000,000
Net unrealized loss on AFS financial assets (1,022) (1,022) Equity conversion option 1,225,518 1,225,518
Cumulative translation adjustments 97,240 124,334
Net revaluation surplus 1,611,397 1,611,397 Effect of transactions with non-controlling interests 23,164 23,164
Non-controlling interests | 2,715,129 | 2,721,119 |
Total Equity | 27,677,979 | 27,283,902 |
TOTAL LIABILITIES & EQUITY | 43,842,292 | 43,549,024 |
Shareholders should note that the above unaudited and audited consolidated financial results pertain only to Philex and not to First Pacific itself.
The above information only refers to certain sections of Philex's disclosure and shareholders should refer to Philex'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 27 April 2016.
By Order of the Board
First Pacific Company Limited Manuel V. PangilinanManaging Director and CEO
Hong Kong, 27 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 27 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 April 2016 11:09:37 UTC
Original Document: http://www.firstpacific.com/media/normal/19624_2016-0427_Philex_1Q16_Results_announcement.pdf
