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 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY 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") 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 of Philippine Long Distance Telephone Company ("PLDT"), a major operating associate of the Company, for the three months ended 31 March 2016.
SummaryOn 3 May 2016, the board of directors of PLDT approved the release of its unaudited consolidated financial results for the three months ended 31 March 2016. PLDT's unaudited consolidated financial results have been submitted to the Philippine Stock Exchange, Inc. ("PSE") and the New York Stock Exchange, Inc. ("NYSE") by way of disclosure on 3 May 2016, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.
PLDT, a major operating associate of First Pacific, is a company incorporated in the Philippines, whose shares are listed on the PSE. In addition, PLDT's American Depositary Receipts are listed on the NYSE. First Pacific and its Philippine affiliates have a 25.6% attributable economic interest in PLDT. On 3 May 2016, the board of directors of PLDT approved the release of its unaudited consolidated financial results for the three months ended 31 March 2016. PLDT's unaudited consolidated financial results have been submitted to the PSE and the NYSE by way of disclosure on 3 May 2016, 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. PLDT's unaudited Consolidated Income Statements 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 the audited Consolidated Statement of Financial Position as at 31 December 2015 are provided below:
PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS FOR THE THREE MONTHS ENDED 31 MARCH 2016 AND 2015(in million pesos, except earnings per common share amounts which are in pesos)
2016 | 2015 (Unaudited) | |||
REVENUES Service revenues | 40,598 | 40,548 | ||
Non-service revenues | 2,181 | 2,005 | ||
42,779 | 42,553 | |||
EXPENSES Depreciation and amortization | 7,158 | 6,896 | ||
Cost of sales | 5,233 | 3,704 | ||
Compensation and employee benefits | 5,231 | 4,981 | ||
Repairs and maintenance | 3,671 | 3,667 | ||
Asset impairment | 3,228 | 866 | ||
Interconnection costs | 2,436 | 2,583 | ||
Professional and other contracted services | 2,174 | 1,926 | ||
Selling and promotions | 1,718 | 2,017 | ||
Rent | 1,670 | 1,458 | ||
Taxes and licenses | 1,322 | 1,051 | ||
Insurance and security services | 463 | 460 | ||
Communication, training and travel | 301 | 311 | ||
Amortization of intangible assets | 272 | 268 | ||
Other expenses | 309 | 247 | ||
35,186 | 30,435 | |||
7,593 | 12,118 | |||
OTHER INCOME Foreign exchange gains - net | 970 | 43 | ||
Equity share in net earnings of associates and joint ventures | 637 | 653 | ||
Interest income | 255 | 184 | ||
Gains (losses) on derivative financial instruments - net (497) 30 | ||||
Financing costs - net | (1,804) | (1,535) | ||
Other income - net | 1,808 | 763 | ||
1,369 | 138 | |||
INCOME BEFORE INCOME TAX | 8,962 | 12,256 | ||
PROVISION FOR INCOME TAX | 2,729 | 2,858 | ||
NET INCOME | 6,233 | 9,398 | ||
ATTRIBUTABLE TO: Equity holders of PLDT | 6,217 | 9,387 | ||
Noncontrolling interests | 16 | 11 | ||
6,233 | 9,398 | |||
Earnings Per Share Attributable to | ||||
Common Equity Holders of PLDT | ||||
Basic 28.71 43.38
Diluted 28.71 43.38
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(in million pesos)
As at 31 March 2016 (Unaudited) | As at 31 December 2015 (Audited) | |
ASSETS Noncurrent Assets Property and equipment | 202,588 | 195,782 |
Investments in associates and joint ventures | 49,454 | 48,703 |
Available-for-sale financial investments Investment in debt securities and other long-term investments - net of current portion | 14,126 942 | 15,711 952 |
Investment properties | 1,825 | 1,825 |
Goodwill and intangible assets | 71,908 | 72,117 |
Deferred income tax assets - net | 22,011 | 21,941 |
Derivative financial assets - net of current portion | 57 | 145 |
Prepayments - net of current portion Advances and other noncurrent assets - net of current portion | 4,499 3,020 | 3,475 3,003 |
Total Noncurrent Assets | 370,430 | 363,654 |
Current Assets Cash and cash equivalents | 45,262 | 46,455 |
Short-term investments | 3,228 | 1,429 |
Trade and other receivables | 27,168 | 24,898 |
Inventories and supplies | 5,704 | 4,614 |
Current portion of derivative financial assets Current portion of investment in debt securities and other long-term investments | 11 51 | 26 51 |
Current portion of prepayments Current portion of advances and other noncurrent assets | 6,040 8,208 | 5,798 8,170 |
Total Current Assets | 95,672 | 91,441 |
TOTAL ASSETS | 466,102 | 455,095 |
(in million pesos)
EQUITY AND LIABILITIES Equity Non-voting serial preferred stock | As at 31 March 2016 (Unaudited) 360 | As at 31 December 2015 (Audited) 360 |
Voting preferred stock | 150 | 150 |
Common stock | 1,093 | 1,093 |
Treasury stock | (6,505) | (6,505) |
Capital in excess of par value | 130,515 | 130,517 |
Retained earnings | 82 | 6,195 |
Other comprehensive loss | (20,373) | (18,202) |
Total Equity Attributable to Equity Holders of PLDT | 105,322 | 113,608 |
Noncontrolling interests | 281 | 290 |
TOTAL EQUITY | 105,603 | 113,898 |
Noncurrent Liabilities Interest-bearing financial liabilities - net of current portion | 130,974 | 143,982 |
Deferred income tax liabilities - net | 3,599 | 3,704 |
Derivative financial liabilities - net of current portion | 1,359 | 736 |
Customers' deposits | 2,423 | 2,430 |
Pension and other employee benefits | 10,941 | 10,197 |
Deferred credits and other noncurrent liabilities | 19,335 | 21,482 |
Total Noncurrent Liabilities | 168,631 | 182,531 |
Current Liabilities Accounts payable | 60,098 | 52,679 |
Accrued expenses and other current liabilities | 83,572 | 84,286 |
Current portion of interest-bearing financial liabilities | 30,217 | 16,911 |
Provision for claims and assessments | 897 | 897 |
Dividends payable | 13,795 | 1,461 |
Current portion of derivative financial liabilities | 338 | 306 |
Income tax payable | 2,951 | 2,126 |
Total Current Liabilities | 191,868 | 158,666 |
TOTAL LIABILITIES | 360,499 | 341,197 |
TOTAL EQUITY AND LIABILITIES | 466,102 | 455,095 |
First Pacific Company Limited issued this content on 03 May 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 May 2016 05:18:05 UTC. Original document available at http://www.firstpacific.com/media/normal/19664_2016-0503_PLDT_1Q16_results_announcement.pdf |
