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: www.firstpacific.com
(Stock Code: 00142)
ANNOUNCEMENT MADE BY
METRO PACIFIC INVESTMENTS CORPORATION
IN RELATION TO ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2020
This 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 for the six months ended 30 June 2020 of Metro Pacific Investments Corporation ("MPIC"), a company in which the First Pacific Group holds an economic interest of approximately 42.2% as at 30 June 2020.
Summary
On 5 August 2020, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the six months ended 30 June 2020. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 5 August 2020, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.
MPIC, a company in which the First Pacific Group holds an economic interest of approximately 42.2% as at 30 June 2020, is a company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange, Inc. ("PSE"). On 5 August 2020, the board of directors of MPIC approved the release of the unaudited consolidated financial results for the six months ended 30 June 2020. MPIC's unaudited consolidated financial statements have been submitted to the PSE on 5 August 2020, 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. MPIC's unaudited Consolidated Statements of Comprehensive Income for the six months ended 30 June 2020 and 2019, as well as the unaudited Consolidated Statement of Financial Position as at 30 June 2020 and audited Consolidated Statement of Financial Position as at 31 December 2019 are provided below:
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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Amounts in Peso Millions, except Per Share Amounts which are in Peso Centavos)
For the Six Months Ended 30 June | 2020 | 2019 | ||
Re-presented | ||||
CONTINUING OPERATIONS | ||||
OPERATING REVENUES | 30,709 | 36,974 | ||
COST OF SALES AND SERVICES | (14,954) | (17,276) | ||
GROSS PROFIT | 15,755 | 19,698 | ||
General and administrative expenses | (6,171) | (5,869) | ||
Interest expense | (5,950) | (5,644) | ||
Share in net earnings of equity method investees | 3,572 | 5,790 | ||
Interest income | 942 | 1,129 | ||
Construction revenue | 19,299 | 18,654 | ||
Construction costs | (19,299) | (18,654) | ||
Others | 658 | 428 | ||
INCOME BEFORE INCOME TAX FROM | ||||
CONTINUING OPERATIONS | 8,806 | 15,532 | ||
PROVISION FOR INCOME TAX | ||||
Current | 2,670 | 3,181 | ||
Deferred | 64 | 385 | ||
2,734 | 3,566 | |||
Net income from continuing operations | 6,072 | 11,966 | ||
Net income from discontinued operations | - | 833 | ||
NET INCOME | 6,072 | 12,799 | ||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
- NET | ||||
From Continuing Operations: | ||||
To be reclassified to profit or loss in subsequent | ||||
periods: | ||||
Exchange rate difference on translation of | ||||
foreign operations | (1,701) | (46) | ||
Others | 1 | 118 | ||
Not to be reclassified to profit or loss in subsequent | ||||
periods | 27 | (21) | ||
(1,673) | 51 | |||
From Discontinued Operations: | ||||
Not to be reclassified to profit or loss in subsequent | ||||
periods | - | (72) | ||
TOTAL COMPREHENSIVE INCOME | 4,399 | 12,778 | ||
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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (CONTINUED)
(Amounts in Peso Millions, except Per Share Amounts which are in Peso Centavos)
For the Six Months Ended 30 June | 2020 | 2019 | ||
Re-presented | ||||
Net Income Attributable to: | ||||
Owners of the Parent Company | 3,027 | 8,108 | ||
Non-controlling interest | 3,045 | 4,691 | ||
6,072 | 12,799 | |||
Total Comprehensive Income Attributable to: | ||||
Owners of the Parent Company | 1,358 | 8,107 | ||
Non-controlling interest | 3,041 | 4,671 | ||
4,399 | 12,778 | |||
Total Comprehensive Income Attributable to | ||||
Owners of the Parent Company: | ||||
From continuing operations | 1,358 | 7,735 | ||
From discontinued operations | - | 372 | ||
1,358 | 8,107 | |||
BASIC EARNINGS PER COMMON SHARE | ||||
From continuing operations | 9.61 | 24.43 | ||
From discontinued operations | - | 1.28 | ||
9.61 | 25.71 | |||
DILUTED EARNINGS PER COMMON SHARE | ||||
From continuing operations | 9.61 | 24.43 | ||
From discontinued operations | - | 1.28 | ||
9.61 | 25.71 | |||
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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in Peso Millions)
As at | 30 June | 31 December | |
2020 | 2019 | ||
(Unaudited) | (Audited) | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents and short-term deposits | 65,935 | 74,697 | |
Restricted cash | 3,587 | 5,011 | |
Receivables | 18,236 | 14,624 | |
Other current assets | 11,421 | 10,905 | |
Total Current Assets | 99,179 | 105,237 | |
Noncurrent Assets | |||
Investments and advances | 166,280 | 169,092 | |
Service concession assets | 260,383 | 240,489 | |
Property, plant and equipment | 57,559 | 58,591 | |
Goodwill | 15,624 | 15,676 | |
Intangible assets | 3,177 | 3,279 | |
Deferred tax assets | 1,014 | 927 | |
Other noncurrent assets | 17,588 | 18,487 | |
Total Noncurrent Assets | 521,625 | 506,541 | |
620,804 | 611,778 | ||
LIABILITIES AND EQUITY | |||
Current Liabilities | |||
Accounts payable and other current liabilities | 39,485 | 36,363 | |
Income tax payable | 1,136 | 1,639 | |
Due to related parties | 2,416 | 5,638 | |
Short-term and current portion of long-term debt | 30,300 | 18,459 | |
Current portion of: | |||
Provisions | 6,803 | 6,742 | |
Service concession fees payable | 6,242 | 6,277 | |
Total Current Liabilities | 86,382 | 75,118 | |
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METRO PACIFIC INVESTMENTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
(Amounts in Peso Millions)
As at | 30 June | 31 December | ||
2020 | 2019 | |||
(Unaudited) | (Audited) | |||
Noncurrent Liabilities | ||||
Noncurrent portion of: | ||||
Provisions | 4,943 | 4,997 | ||
Service concession fees payable | 27,581 | 26,621 | ||
Long-term debt | 226,405 | 231,450 | ||
Due to related parties | - | 2,240 | ||
Deferred tax liabilities | 14,231 | 14,170 | ||
Other long-term liabilities | 12,011 | 11,137 | ||
Total Noncurrent Liabilities | 285,171 | 290,615 | ||
Total Liabilities | 371,553 | 365,733 | ||
Equity | ||||
Owners of the Parent Company: | ||||
Capital stock | 31,661 | 31,661 | ||
Additional paid-in capital | 68,638 | 68,638 | ||
Treasury shares | (708) | (4) | ||
Equity reserves | (443) | (574) | ||
Retained earnings | 91,276 | 90,650 | ||
Other comprehensive income (loss) reserve | (1,078) | 591 | ||
Total equity attributable to owners | ||||
of the Parent Company | 189,346 | 190,962 | ||
Non-controlling interest | 59,905 | 55,083 | ||
Total Equity | 249,251 | 246,045 | ||
620,804 | 611,778 | |||
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GENERAL
Shareholders should note that the above unaudited and audited consolidated financial results pertain only to MPIC and not to First Pacific itself.
The above information only refers to certain sections of MPIC's disclosure and shareholders should refer to MPIC's original filing submitted to the PSE (https://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 5 August 2020.
By Order of the Board
First Pacific Company Limited
Manuel V. Pangilinan
Managing Director and Chief Executive Officer
Hong Kong, 5 August 2020
As at the date of this announcement, the Board of Directors of the Company comprises the following Directors:
Executive Directors:
Manuel V. Pangilinan,
Christopher H. Young,
Managing Director and Chief Executive Officer Chief Financial Officer
Non-executive Directors:
Anthoni Salim, Chairman
Benny S. Santoso
Tedy Djuhar
Axton Salim
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
Blair Chilton Pickerell
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First Pacific Company Limited published this content on 05 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2020 04:16:05 UTC