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 NINE MONTHS ENDED 30 SEPTEMBER 2017This 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 2017.
SummaryOn 7 November 2017, the board of directors of Philex approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2017. Philex's unaudited consolidated financial results have been submitted to the PSE on 7 November 2017, 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 7 November 2017, the board of directors of Philex approved the release of the unaudited consolidated financial results for the nine months ended 30 September 2017. Philex's unaudited consolidated financial results have been submitted to the PSE on 7 November 2017, 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 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:
PHILEX MINING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2017 AND 2016(Amounts in Peso Thousands, except Earnings Per Share which are in Peso)
2017 2016REVENUE Gold | 4,036,066 | 4,797,124 | |
Copper | 3,087,820 | 2,841,185 | |
Silver | 55,877 | 66,390 | |
7,179,763 7,704,699 | |||
Less: Smelting charges | 605,550 | 677,874 | |
6,574,213 | 7,026,825 | ||
COSTS AND EXPENSES | |||
Production costs | 3,267,614 | 3,475,598 | |
Depreciation, depletion and amortization | 1,108,050 | 941,346 | |
General and administrative expenses | 256,976 | 282,266 | |
Excise taxes and royalties | 312,113 | 348,435 | |
4,944,753 | 5,047,645 | ||
Gain on sale of available-for-sale (AFS) financial assets 15,063 - Gain on sale of property 9,428 -
Interest income 1,391 1,425
Share in net losses of associates (14,506) (23,350)
Foreign exchange losses - net (68,513) (60,830)
Others - net 38,456 (13,669)
(18,681) | (96,424) | ||
INCOME BEFORE PROVISIONS FOR IMPAIRMENT | 1,610,779 | 1,882,756 | |
Provisions for impairment on investment in an associate and deferred exploration costs | - | (920,577) | |
INCOME BEFORE INCOME TAX | 1,610,779 | 962,179 | |
PROVISION FOR INCOME TAX | |||
Current | (434,960) | (422,218) | |
Deferred | (44,032) | (148,476) | |
(478,992) | (570,694) | ||
1,131,787 | 391,485 | ||
GAIN FROM DECONSOLIDATED SUBSIDIARY | |||
GROUP, NET OF TAX | - | 941,975 | |
NET INCOME | 1,131,787 | 1,333,460 | |
NET INCOME (LOSS) ATTRIBUTABLE TO: | |||
Equity holders of the Parent Company 1,131,792 1,355,119 Non-controlling interests (5) (21,659) | |||
1,131,787 | 1,333,460 | ||
CORE NET INCOME | 1,158,089 | 1,331,765 | |
BASIC EARNINGS PER SHARE | 0.2291 | 0.2743 | |
DILUTED EARNINGS PER SHARE | 0.2291 | 0.2743 | |
CORE NET INCOME PER SHARE | 0.2344 | 0.2696 | |
(Amounts in Peso Thousands, except Par Value Per Share which is in Peso)
30 September 31 December 2017 2016 (UNAUDITED) (AUDITED) ASSETS Current AssetsCash and cash equivalents 323,839 457,937
Accounts receivable 489,948 486,497
Inventories 2,174,301 2,318,850
Advances to a related party 2,168,834 2,193,829 Derivative assets 8,388 -
Other current assets 1,431,240 1,437,752
Total Current Assets 6,596,550 6,894,865Property, plant and equipment | 6,723,425 | 6,735,578 |
Deferred exploration costs and other noncurrent assets | 24,085,389 | 23,158,325 |
Available-for-sale (AFS) financial assets | 79,526 | 104,615 |
Investment in associates | 1,441,369 | 1,455,876 |
Pension asset - net | 291,857 | 312,570 |
Total Noncurrent Assets | 32,621,566 | 31,766,964 |
TOTAL ASSETS | 39,218,116 | 38,661,829 |
LIABILITIES AND EQUITY | ||
Current Liabilities | ||
Loans payable | 2,591,565 | 3,082,640 |
Accounts payable and accrued liabilities | 1,667,917 | 1,832,661 |
Income tax payable | 133,949 | 164,265 |
Dividends payable | 511,409 | 498,129 |
Total Current Liabilities | 4,904,840 | 5,577,695 |
Noncurrent Liabilities | ||
Deferred income tax liabilities - net | 2,983,747 | 2,957,896 |
Loans and bonds payable | 6,846,272 | 6,592,854 |
Provision for losses and mine rehabilitation costs | 136,756 | 134,124 |
Total Noncurrent Liabilities | 9,966,775 | 9,684,874 |
Total Liabilities | 14,871,615 | 15,262,569 |
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 | 1,143,981 | 1,143,981 |
Retained earnings | ||
Unappropriated | 4,876,611 | 4,442,436 |
Appropriated | 10,500,000 | 10,000,000 |
Net unrealized gain (loss) on AFS financial assets | 1,589 | (3,094) |
Equity conversion option | 1,225,518 | 1,225,518 |
Cumulative gain on hedging instruments | 8,388 | - |
Net revaluation surplus | 1,572,385 | 1,572,385 |
Effect of transactions with non-controlling interests | 77,892 | 77,892 |
24,346,763 | 23,399,517 |
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 7 November 2017.
By Order of the Board
First Pacific Company Limited Manuel V. PangilinanManaging Director and CEO
Hong Kong, 7 November 2017
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 07 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 November 2017 10:18:12 UTC.
Original documenthttp://www.firstpacific.com/media/normal/16042_LTN20171107537.pdf
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