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 SIX MONTHS ENDED 30 JUNE 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 six months ended 30 June 2016.
SummaryOn 27 July 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the six months ended 30 June 2016. Philex's unaudited consolidated financial results have been submitted to the Philippine Stock Exchange, Inc. ("PSE") on 27 July 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 July 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the six months ended 30 June 2016. Philex's unaudited consolidated financial results have been submitted to the PSE on 27 July 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 six months ended 30 June 2016 and 2015, as well as the unaudited Consolidated Statements of Financial Position as at 30 June 2016 and audited Consolidated Statement of Financial Position as at 31 December 2015 are provided below:
2016 | 2015 | ||
Gold | 2,954,725 | 2,894,336 | |
Copper | 1,795,447 | 1,870,356 | |
Silver | 37,328 | 37,564 | |
4,787,500 | 4,802,256 | ||
Less: Smelting charges | 418,636 | 403,439 | |
4,368,864 | 4,398,817 | ||
COSTS AND EXPENSES Mining and milling costs (including depletion and | |||
depreciation) | 2,822,112 | 3,032,343 | |
General and administrative expenses | 186,685 | 238,704 | |
Excise taxes and royalties | 215,472 | 240,671 | |
Handling, hauling and storage | 28,925 | 36,555 | |
3,253,194 | 3,548,273 | ||
OTHER INCOME (CHARGES) | |||
Foreign exchange gain (losses) - net | 6,382 | (29,482) | |
Interest income Gain on disposal of available-for-sale (AFS) | 1,234 | 836 | |
financial assets | - | 107,088 | |
Interest expense | - | (9,850) | |
Others - net | 18,179 | (12,600) | |
25,795 | 55,992 | ||
INCOME BEFORE INCOME TAX | 1,141,465 | 906,536 | |
PROVISION FOR INCOME TAX | (355,418) | (252,480) | |
INCOME BEFORE LOSS OF A SUBSIDIARY | |||
GROUP HELD FOR DISTRIBUTION | 786,047 | 654,056 | |
LOSS OF A SUBSIDIARY GROUP HELD | |||
FOR DISTRIBUTION | (29,102) | (89,249) | |
NET INCOME | 756,945 | 564,807 | |
NET INCOME ATTRIBUTABLE TO: | |||
Equity holders of the Parent Company | 778,603 | 606,974 | |
Non-controlling interests | (21,658) | (42,167) | |
756,945 | 564,807 | ||
CORE NET INCOME | 774,016 | 519,728 | |
BASIC EARNINGS PER SHARE | 0.1576 | 0.1229 | |
DILUTED EARNINGS PER SHARE | 0.1576 | 0.1229 | |
(Amounts in Peso Thousands, except Earnings Per Share which are in Peso)
REVENUE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Amounts in Peso Thousands, except Par Value Per Share which is in Peso)
30 June 2016 (UNAUDITED) | 31 December 2015 (AUDITED) |
ASSETS Current Assets Cash and cash equivalents 348,982 | 1,008,686 |
Accounts receivable 517,613 | 897,479 |
Inventories 2,209,972 | 1,886,544 |
Other current assets 1,482,138 | 1,478,748 |
4,558,705 Assets of a subsidiary group held for distribution 7,275,945 | 5,271,457 - |
Total Current Assets 11,834,650 | 5,271,457 |
Noncurrent Assets Property, plant and equipment - net 6,422,789 | 6,828,052 |
AFS financial assets 106,687 | 106,687 |
Investment in an associate 641,408 | 659,408 |
Goodwill - | 1,238,583 |
Deferred income tax assets - net 239 | 5,992 |
Deferred exploration costs and other noncurrent assets 25,199,365 | 29,438,845 |
Total Noncurrent Assets 32,370,488 | 38,277,567 |
TOTAL ASSETS 44,205,138 | 43,549,024 |
(Amounts in Peso Thousands, except Par Value Per Share which is in Peso)
30 June 2016 (UNAUDITED) | 31 December 2015 (AUDITED) | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current Liabilities | ||
Loans payable | 3,011,840 | 3,317,730 |
Accounts payable and accrued liabilities | 1,338,409 | 1,448,445 |
Income tax payable | 177,633 | 13,014 |
Dividends payable | 1,842,333 | 479,652 |
Provisions and subscriptions payables | 436,412 | 456,043 |
Derivative liability | 11,194 | - |
6,817,821 | 5,714,884 | |
Liabilities of a subsidiary group held for distribution | 1,736,225 | - |
Total Current Liabilities | 8,554,046 | 5,714,884 |
Noncurrent Liabilities | ||
Bonds payable | 6,411,040 | 6,259,063 |
Deferred income tax liabilities - net | 2,901,769 | 3,939,160 |
Pension obligation | 21,968 | 21,968 |
Provision for losses and mine rehabilitation costs | 127,479 | 330,047 |
Total Noncurrent Liabilities | 9,462,256 | 10,550,238 |
Total Liabilities | 18,016,302 | 16,265,122 |
Equity Attributable to Equity Holders of the | ||
Parent Company | ||
Capital Stock - Peso 1 par value | 4,940,399 | 4,940,399 |
Additional paid-in capital Retained earnings | 1,143,837 | 1,142,722 |
Unappropriated | 4,805,142 | 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 | (54,980) | 124,334 |
Net revaluation surplus | 1,611,397 | 1,611,397 |
Effect of transactions with non-controlling interests | 23,164 | 23,164 |
23,693,455 | 24,562,783 | |
Non-controlling interests | 2,495,381 | 2,721,119 |
Total Equity | 26,188,836 | 27,283,902 |
TOTAL LIABILITIES & EQUITY | 44,205,138 | 43,549,024 |
First Pacific Company Limited published this content on 27 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 July 2016 13:01:05 UTC.
Original documenthttp://www.firstpacific.com/media/normal/15841_LTN20160727608.pdf
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