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Creating Long-Term Value Inasia

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Creating Long-Term Value Inasia Stock Code: 00142 Annual Report 2013 Creating Long-term Value in Asia Corporate Profile First Pacific is a Hong Kong-based investment management and holding company with operations located in Asia. Our principal business interests relate to telecommunications, infrastructure, consumer food products and natural resources. Within these sectors, our mission is to unlock value in our investee companies to deliver three goals: Dividend returns to shareholders; Share price/value appreciation of First Pacific and the investee companies; and Further investment in our businesses. Our investment criteria are clear: Investments must be related to our areas of expertise and experience (telecommunications, infrastructure, consumer food products and natural resources); Investee companies must have a strong or dominant market position in their sectors; They must possess the potential for significant cash flows; and We must obtain management control or significant influence to ensure our goals can be met. Our strategies are three-fold: Identify undervalued or underperforming assets with strong growth potential and possible synergies; Manage investments by setting strategic direction, developing business plans and defining targets; and Raise standards to world-class levels at the investee companies. As currently constituted, the First Pacific portfolio has a balance of more mature assets in PLDT and Indofood which deliver strong dividend flows and investments for growth in MPIC, Philex, PLP, DMT and RHI. PLDT is the dominant telecommunications provider in the Philippines and Indofood is the largest vertically integrated food company in Indonesia. MPIC is the Philippines’ largest infrastructure investment management and holding company with investments in the Philippines’ largest electricity distributor, toll road operator, water distributor and hospital group. Philex is the largest metal mining company in the Philippines, producing gold, copper and silver. PLP is the operator of Singapore’s newest gas-fired power plant. DMT operates a 21.9-kilometer six-lane elevated toll road in central Bangkok and RHI runs the largest integrated sugar business in the Philippines. Listed in Hong Kong, First Pacific’s shares are also available for trading in the United States through American Depositary Receipts. As at 25 March 2014, First Pacific’s economic interest in PLDT is 25.6%, in MPIC 55.8%, in Indofood 50.1%, in Philex 31.2%(1), in FPM Power 68.1%(2), in FPM Infrastructure 89.0%(3) and in FP Natural Resources 79.1%(4). (1) Two Rivers Pacific Holdings Corporation, a Philippine affiliate of First Pacific, holds an additional 15.0% economic interest in Philex. (2) Includes an 8.1% effective economic interest in FPM Power Holdings Limited (“FPM Power”) held by First Pacific through its indirect interests in Meralco. FPM Power holds a 70.0% interest in PLP. (3) Includes a 14.0% effective economic interest in FPM Infrastructure Holdings Limited (“FPM Infrastructure”) held by First Pacific through its indirect interests in MPIC. FPM Infrastructure holds a 29.45% interest in DMT. (4) Includes a 9.1% effective economic interest in FP Natural Resources Limited (“FP Natural Resources”) held by First Pacific through its indirect interests in IndoAgri. FP Natural Resources holds a 34.0% interest in RHI. First Pacific’s principal investments are summarized on the inside back cover. Contents Inside Corporate Profile Front Cover 2 Ten-year Statistical Summary 4 Financial Highlights 6 Corporate Structure 7 Goals 13 Review of Operations 13 First Pacific 17 PLDT 24 MPIC 32 Indofood 42 Philex 48 FPM Power/PLP 49 FPM Infrastructure/DMT 50 FP Natural Resources/RHI 51 Chairman’s Letter 52 Managing Director and Chief Executive Officer’s Letter 54 Board of Directors and Senior Executives 62 Corporate Social Responsibility Report 73 Corporate Governance Report 73 Governance Framework 82 Remuneration Policy 82 Communications with Shareholders 84 Connected Transaction and Continuing Connected Transactions 90 Internal Control and Risk Management 93 Financial Review 93 Financial Performance and Position 95 Liquidity and Financial Resources 100 Financial Risk Management 104 Adjusted NAV Per Share 105 Statutory Reports, Consolidated Financial Statements and Notes to the Consolidated Financial Statements 217 Glossary of Terms 220 Information for Investors Inside Summary of Principal Investments Back Cover Annual Report 2013 1 Ten-year Statistical Summary 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Results (US$ millions) Turnover 6,206.3 5,990.8 5,684.1 4,640.2 3,925.6 4,105.3 3,040.8 2,474.8 1,986.1 2,054.6 Profit for the year 620.9 834.9 1,097.4 785.3 680.6 326.8 673.5 233.6 138.3 150.3 Profit attributable to owners of the parent 235.3 353.3 574.0 403.0 410.9 202.2 496.6 176.6 102.6 107.2 Contribution from operations 467.2 460.8 511.8 474.0 335.2 304.4 244.8 173.5 142.1 125.8 Recurring profit 327.1 358.0 423.0 402.1 286.6 239.2 186.7 134.2 103.5 99.6 Ordinary share dividends 115.9 103.8 109.8 99.4 56.1 37.0 41.1 22.4 12.3 – Per Ordinary Share Data (U.S. cents) Basic earnings 5.66 9.01 14.49 10.16 11.72 5.82 14.35 5.13 2.99 3.12 Basic recurring earnings 7.87 9.13 10.68 10.13 8.18 6.89 5.39 3.90 3.01 2.90 Dividends 2.70 2.70 2.85 2.55 1.54 1.15 1.28 0.70 0.39 – Equity attributable to owners of the parent 81.44 84.65 78.50 65.99 49.64 35.17 35.09 18.18 12.00 7.14 Total assets 361.58 362.80 327.55 279.68 243.43 224.03 161.94 89.97 73.60 68.07 Net tangible assets 281.90 281.45 251.57 208.51 178.58 155.13 151.17 88.89 72.58 66.92 Net cash flows from operating activities 17.41 25.54 16.22 20.66 1.69 4.76 3.78 3.69 2.63 3.66 Financial Ratios Gross margin (%) 29.47 31.08 31.21 35.50 30.20 24.41 23.68 23.63 23.27 25.15 Recurring return on average net assets (%) 10.15 11.83 15.01 16.11 15.20 18.88 18.96 20.90 21.13 28.87 Recurring return on average equity attributable to owners of the parent (%) 9.69 11.43 15.11 17.91 18.82 21.16 21.79 27.80 33.92 71.53 Dividend payout ratio (%) 35.43 28.99 25.96 24.72 19.57 15.47 22.01 16.69 11.88 – Dividend cover (times) 2.82 3.45 3.85 4.05 5.11 6.46 4.54 5.99 8.41 – Interest cover (times) 5.00 6.29 7.18 5.02 3.67 4.76 3.89 3.35 2.64 2.75 Current ratio (times) 1.71 1.78 1.57 1.85 1.37 0.87 0.94 1.21 1.45 1.42 Gearing ratio (times) – Consolidated 0.42 0.30 0.26 0.33 0.67 1.06 0.68 0.83 1.12 1.45 – Company 0.51 0.67 0.71 0.46 0.36 0.47 0.35 0.16 0.11 0.10 2 First Pacific Company Limited 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Consolidated Statement of Financial Position Data (US$ millions) Capital expenditure 899.7 701.6 561.7 513.7 389.8 300.5 106.3 46.3 56.6 105.1 Total assets 15,582.8 13,886.7 12,611.8 10,914.1 9,397.3 7,199.0 5,221.1 2,883.5 2,347.1 2,168.7 Net debt 3,182.5 2,145.8 1,764.8 1,847.0 2,719.5 2,520.8 1,443.8 857.2 788.5 854.3 Total liabilities 8,064.6 6,636.0 5,732.6 5,302.0 5,358.2 4,823.8 3,098.1 1,850.7 1,640.4 1,577.6 Net current assets/(liabilities) 1,647.6 1,613.9 1,193.0 1,278.4 594.3 (264.7) (86.9) 175.0 292.8 251.9 Total assets less current liabilities 13,252.1 11,817.1 10,508.8 9,409.3 7,797.0 5,123.3 3,665.1 2,034.8 1,697.0 1,571.2 Equity attributable to owners of the parent 3,509.9 3,240.0 3,022.7 2,575.2 1,916.2 1,130.1 1,131.3 582.7 382.8 227.4 Total equity 7,518.2 7,250.7 6,879.2 5,612.1 4,039.1 2,375.2 2,123.0 1,032.8 706.7 591.1 Other Information (at 31 December) Company’s net debt (US$ millions)(i) 1,160.3 1,133.8 1,170.3 816.9 651.7 731.3 532.4 237.9 152.6 103.3 Number of shares in issue (millions) 4,309.7 3,827.6 3,850.4 3,902.4 3,860.3 3,213.4 3,224.1 3,204.8 3,188.8 3,186.0 Weighted average number of shares in issue during the year (millions) 4,157.4 3,922.7 3,961.8 3,967.7 3,505.6 3,474.1 3,461.1 3,441.2 3,434.4 3,433.7 Share price (HK$) – After rights issue 8.82 8.323 7.902 6.846 4.636 2.496 5.614 3.749 2.784 1.925 – Before rights issue N/A 8.510 8.080 7.000 4.740 2.690 6.050 4.040 3.000 2.075 Adjusted NAV per share (HK$) – After rights issue 12.57 15.09 13.09 12.63 10.14 5.54 10.63 6.34 3.87 2.89 – Before rights issue N/A 15.43 13.38 12.91 10.37 5.97 11.46 6.83 4.17 3.12 Share price discount to adjusted NAV per share (%) 29.8 44.8 39.6 45.8 54.3 54.9 47.2 40.8 28.1 33.3 Market capitalization (US$ millions) 4,873.3 4,176.0 3,988.6 3,502.2 2,345.9 1,108.2 2,500.7 1,659.9 1,226.5 847.6 Dividend yield (%) 2.38 2.49 2.75 2.84 2.39 3.34 1.64 1.35 1.00 – Number of shareholders 4,884 4,606 4,503 4,608 6,202 4,983 4,736 4,989 5,167 5,321 Number of employees 91,874 80,941 73,582 70,525 68,416 66,452 62,395 50,087 46,693 49,165 N/A: Not applicable (i) Includes the net debt of certain wholly-owned financing and holding companies See pages 217 and 219 for a glossary of terms Note: In 2013, the Group has adopted HKAS 19 (2011) which resulted in changes in its accounting policies for the accounting treatments for defined benefit pension plans and other employee benefits.
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