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 NINE MONTHS ENDED 30 SEPTEMBER 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 nine months ended 30 September 2016.
SummaryOn 26 October 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2016. Philex's unaudited consolidated financial results have been submitted to the PSE on 26 October 2016, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of 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 Philippine Stock Exchange, Inc. ("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 26 October 2016, the board of directors of Philex approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2016. Philex's unaudited consolidated financial results have been submitted to the PSE on 26 October 2016, which 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. 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 nine months ended 30 September 2016 and 2015, as well as the unaudited Consolidated Statement of Financial Position as at 30 September 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 NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015(Amounts in Peso Thousands, except Earnings Per Share which are in Peso)
2016 2015 REVENUEGold | 4,797,124 | 4,366,199 | |
Copper | 2,841,185 | 2,751,563 | |
Silver | 66,390 | 55,422 | |
7,704,699 | 7,173,184 | ||
Less: Smelting charges | 677,874 | 626,760 | |
7,026,825 | 6,546,424 | ||
COSTS AND EXPENSES | |||
Mining and milling costs (including depletion and | |||
depreciation) | 4,370,502 | 4,598,200 | |
General and administrative expenses | 282,266 | 341,292 | |
Excise taxes and royalties | 348,435 | 344,532 | |
Handling, hauling and storage | 46,442 | 54,494 | |
5,047,645 | 5,338,518 | ||
INCOME FROM OPERATIONS | 1,979,180 | 1,207,906 | |
OTHER INCOME (CHARGES) | |||
Interest income | 1,425 | 2,800 | |
Foreign exchange losses - net | (60,830) | (123,431) | |
Gain on disposal of available-for-sale (AFS) | |||
financial assets | - | 107,088 |
Others - net (37,019) 29,911
(96,424) 16,368 INCOME BEFORE PROVISIONS FOR IMPAIRMENT 1,882,756 1,224,274Provisions for impairment on investment in
an associate and deferred exploration costs | (920,577) | - |
INCOME BEFORE PROVISION FOR INCOME TAX | 962,179 | 1,224,274 |
Provision for income tax | (570,694) | (350,197) |
391,485 | 874,077 | |
Gain (Loss) of a deconsolidated subsidiary group - net | 941,975 | (118,047) |
NET INCOME | 1,333,460 | 756,030 |
NET INCOME (LOSS) ATTRIBUTABLE TO: Equity holders of the Parent Company | 1,355,119 | 851,324 |
Non-controlling interests | (21,659) | (95,294) |
1,333,460 | 756,030 | |
CORE NET INCOME | 1,331,765 | 811,470 |
BASIC EARNINGS PER SHARE | 0.2743 | 0.1723 |
DILUTED EARNINGS PER SHARE | 0.2743 | 0.1723 |
CORE NET INCOME PER SHARE | 0.2696 | 0.1643 |
(Amounts in Peso Thousands, except Par Value Per Share which is in Peso)
30 September 31 December 2016 2015 (UNAUDITED) (AUDITED)Current Assets Cash and cash equivalents | 582,936 | 1,008,686 |
Accounts receivable | 523,274 | 897,479 |
Inventories | 2,128,674 | 1,886,544 |
Advances to an associate | 2,150,754 | - |
Derivative assets | 1,690 | - |
Other current assets | 1,454,350 | 1,478,748 |
Total Current Assets | 6,841,678 | 5,271,457 |
Noncurrent Assets Property, plant and equipment - net | 6,879,004 | 6,828,052 |
AFS financial assets | 106,687 | 106,687 |
Investments in associates | 1,003,528 | 659,408 |
Goodwill | - | 1,238,583 |
Deferred income tax assets - net | 239 | 5,992 |
Deferred exploration costs and other noncurrent assets | 24,458,500 | 29,438,845 |
Total Noncurrent Assets | 32,447,958 | 38,277,567 |
TOTAL ASSETS | 39,289,636 | 43,549,024 |
LIABILITIES AND EQUITY Current Liabilities Loans payable | 3,055,500 | 3,317,730 |
Accounts payable and accrued liabilities | 1,279,412 | 1,448,445 |
Income tax payable | 192,115 | 13,014 |
Dividends payable | 543,558 | 479,652 |
Provisions and subscriptions payables | 421,186 | 456,043 |
Total Current Liabilities | 5,491,771 | 5,714,884 |
Noncurrent Liabilities Bonds payable | 6,495,706 | 6,259,063 |
Deferred income tax liabilities - net | 2,972,965 | 3,939,160 |
Pension obligation | 21,968 | 21,968 |
Provision for losses and mine rehabilitation costs | 128,357 | 330,047 |
Total Noncurrent Liabilities | 9,618,996 | 10,550,238 |
Total Liabilities | 15,110,767 | 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 Unappropriated | 1,143,981 5,233,986 | 1,142,722 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 | 1,690 | 124,334 |
Net revaluation surplus | 1,611,397 | 1,611,397 |
Effect of transactions with non-controlling interests | 23,163 | 23,164 |
24,179,112 | 24,562,783 |
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 26 October 2016.
By Order of the Board
First Pacific Company Limited Manuel V. PangilinanManaging Director and CEO
Hong Kong, 26 October 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
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 26 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 October 2016 09:31:05 UTC.
Original documenthttp://www.firstpacific.com/media/normal/15876_LTN20161026246.pdf
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