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Why First Pacific? s h h FIRST COMPANY PACIFIC LIMITED ANNUAL Why First Pacific? A RESHAP OFFERS A THROUGH INVESTOR REPORT 2000 THE OPPO AND MAN THROUGH MANAGEM COMPANI TO BETTE EFFICIENT TO ACHIE VALUE AT OPEN THIS P FIRST PACIFIC COMPANY LIMITED ANNUAL REPORT 2000 A RESHAPED, REFOCUSED, REVITALIZED COMPANY, FIRST PACIFIC OFFERS ACCESS TO SIGNIFICANT INVESTMENTS IN LEADING COMPANIES THROUGHOUT SOUTHEAST ASIA. AS MACRO ISSUES HAVE DAMPENED INVESTOR SENTIMENT FOR THE REGION, FIRST PACIFIC HAS TAKEN THE OPPORTUNITY TO POSITION ITSELF AS A LEADING ASIAN INVESTMENT AND MANAGEMENT COMPANY WITH A DIVERSE PORTFOLIO OF ASSETS. THROUGH THE INTERNATIONAL EXPERIENCE AND SKILLS OF ITS MANAGEMENT TEAM, FIRST PACIFIC ACTIVELY ENCOURAGES ITS GROUP COMPANIES TO ADOPT NEW STRATEGIES. TO THINK DIFFERENTLY. TO BETTER LEVERAGE THEIR CONSIDERABLE ASSETS. TO OPERATE MORE EFFICIENTLY. TO REACH OUT TO NEW MARKETS AND OPPORTUNITIES. TO ACHIEVE FIRST PACIFIC STANDARDS. AND IN DOING SO, TO CREATE VALUE AT EVERY TURN. OPEN THIS PAGE FOR AN OVERVIEW OF THE FIRST PACIFIC GROUP AND ITS ACTIVITIES. p. 1 contents 8 Executive Chairman’s Message 10 Review of Goals for 2000 11 Goals for 2001 12 The Hong Kong Head Office Team 14 Board of Directors 15 Our People. Our Communities. 18 Review of Operations 37 Corporate Governance and Financial Review 53 Statutory Reports and Financial Statements 94 HK GAAP and IAS Reconciliation 96 Glossary of Terms 98 Information for Investors 100 Ten-Year Statistical Summary inside back Summary of Principal Investments cover Summary of Principal Investments As at 31 March 2001 Place of incorporation/ principal Issued area of Reporting number Economic Voting First Pacific, a Hong Kong-based investment and management company, Contribution from Recurring Profit Market Adjusted Net Asset Investment operation currency of shares interest interest Principal activities First Pacific Operations by Before Exchange Capitalization Value by Country – holds assets in Indonesia, the Philippines and Thailand, with principal CONSUMER Line of Business Differences US$billions 31 December 2000 PT Indofood Indonesia Rupiah 9.2 billion 48.0 48.0 Jakarta-based Indofood is Indonesia’s leading processed-foods group. business interests relating to Consumer, Telecommunications, and Property. US$millions US$millions Sukses Makmur Tbk Listed on the Jakarta and Surabaya stock exchanges, Indofood’s princi- Headquartered and listed in Hong Kong, First Pacific is a constituent of pal businesses are Instant Noodles, Flour and Edible Oils and Fats, as the Hang Seng Index. Its shares are also available in the United States 3.0 well as Snack Foods, Baby Foods, Food Seasonings and Distribution. 250 200 through American Depositary Receipts. Further information on Indofood can be found at www.indofood.co.id 2.5 7% 200 6% 150 2.0 The First Pacific Group acquired an additional 8.0 per cent interest 150 1.5 in December 2000. The Group’s average economic shareholding dur- First Pacific’s principal investments are detailed on the inside back cover. 100 26% 100 ing 2000 was 40.0 per cent. 1.0 61% 50 50 0.5 Berli Jucker Public Thailand Baht 158.8 million 83.5 83.5 Berli Jucker is based and listed in Bangkok. It focuses on the manu- 0 0 0 Company Limited facturing, marketing and distribution of glass, consumer, technical 96 97 98 99 00 96 97 98 99 00 and imaging products. -50 US$millions 96 97 98 99 00 Philippines 898.0 Further information on Berli Jucker can be found at Indonesia 380.4 www.berlijucker.co.th Consumer Thailand 80.6 Telecom Others 102.9 PT Darya-Varia Indonesia Rupiah 560.0 million 89.5 89.5 Darya-Varia, which is based and listed in Jakarta, is a leading, fully Property Total 1,461.9 First Pacific’s Strategic Restructuring Laboratoria Tbk integrated health care company engaged in the manufacture, market- Banking ing and distribution of prescription and over-the-counter medicines. Further information on Darya-Varia can be found at www.darya-varia.com NOV Acquired a 17.2 per cent interest in MAR Concluded merger of PLDT and TELECOMMUNICATIONS 98 PLDT, the leading telecommunications 00 Smart; increased interest in PLDT Philippine Philippines Pesos 168.5 million 24.6 31.7 PLDT is the leading supplier of domestic and international telecom- operator in the Philippines. to 23.1 per cent and formed strategic Long Distance munications services in the Philippines. Actively pursuing a conver- alliance with NTT Com. Telephone Company gence strategy, PLDT is based and listed in Manila and has ADRs MAR Divested Savills plc. Three-year listed on the New York Stock Exchange and the Pacific Exchange. Its three principal business groups – fixed line, wireless and MAR Divested cellular GSM joint-venture 01 annualized cash return of 15 per cent. DEC Divested Pacific Link, a Hong Kong Internet/multimedia – provide a comprehensive menu of products 00 interests in China. Five-year annualized JAN Divested Tuntex, a Taiwan cellular and services across the most extensive broadband and integrated 97 cellular provider. Ten-year annualized cash return of four per cent. cash return of 23 per cent. 99 provider. Two-year annualized cash networks in the country. return of 40 per cent. Further information on PLDT can be found at www.pldt.com.ph JUN Divested 10 per cent interest In March 2000, the First Pacific Group’s economic and voting inter- JAN Issued strategy paper outlining plans to 00 in Savills plc to Trammell Crow ests increased to 23.1 per cent and 31.7 per cent, respectively, follow- Company Limited. ing PLDT’s acquisition of 100 per cent of Smart. In September 2000, 98 dispose of maturing businesses and JUN Raised US$200 million in an focus investments on higher-growth, First Pacific’s economic interest further increased to 24.6 per cent 99 overnight placement to fund undervalued Asian companies. JUN Divested SPORTathlon, a through the acquisition of Metro Pacific’s approximate 8.0 per cent acquisition of Indofood. interest in PLDT. Voting interest remained unchanged at 31.7 per 00 Hong Kong-based integrated cent. The Group’s average economic shareholding during 2000 was leisure services provider. 00 97 98 98 99 99 00 01 22.1 per cent. Escotel Mobile India Rupees 366.0 million 49.0 49.0 Escotel, which is based in New Delhi, provides GSM cellular tele- Communications phone services in Uttar Pradesh (West), Haryana and Kerala. Limited APR Divested mid-sized Californian bank Further information on Escotel can be found at SEP Combined the Group’s interests in 98 United Commercial Bank. Thirteen-year www.escotelmobile.com 00 PLDT; positioned Metro Pacific as annualized cash return of 19 per cent. a property-focused company. Infrontier Limited Bermuda/ US$ 12.0 thousand 100.0 100.0 Infrontier, a start-up business based in Hong Kong, provides Internet- MAR Dilution of Smart to provide funding Asia and wireless-based solutions and services to companies in Asia. 99 and enable our partner NTT to increase MAR Divested Hagemeyer, Netherlands-based APR Combined First Pacific Davies DEC Divested Hong Kong-based First Pacific Further information on Infrontier can be found at shareholding. Six-year annualized cash 98 business-to-business distribution 00 with Savills plc; increased interest 00 Bank. Fourteen-year annualized cash www.infrontier.com return of 58 per cent. services group. Fifteen-year annualized in Savills plc to 30 per cent from return of 15 per cent. 20 per cent. cash return of 24 per cent. PROPERTY SEP Acquired a 40 per cent interest in DEC Increased interest in Indofood 99 Metro Pacific Philippines Pesos 18.6 billion 80.6 80.6 Metro Pacific, which is based and listed in Manila, has Indofood, Indonesia’s leading processed 00 to 48 per cent. foods group. Corporation interests principally in Property (Bonifacio Land Corporation, OCT Divested Tech Pacific, a Sydney-based FEB Divested Guardforce, a Hong Kong-based Landco Pacific and Pacific Plaza Towers). It also has interests in 97 IT distributor. Ten-year annualized cash 99 security services group. Six-year annualized Banking (First e-Bank) and Transportation (Negros Navigation). return of 20 per cent. cash return of 19 per cent. Further information on Metro Pacific can be found at www.metropacific.com DESIGN BY ADDISON WWW.ADDISON.COM FEATURE SECTION PHOTOGRAPHY BY DAVID DREBIN COMMUNITY SECTION PHOTOGRAPHY BY PAUL HU EXECUTIVE PHOTOGRAPHY BY LINCOLN POTTER PRINTED BY ROMAN FINANCIAL PRESS LIMITED A CHINESE VERSION OF THIS ANNUAL REPORT IS AVAILABLE FROM THE COMPANY UPON REQUEST. Summary of Principal Investments As at 31 March 2001 Place of incorporation/ principal Issued area of Reporting number Economic Voting First Pacific, a Hong Kong-based investment and management company, Contribution from Recurring Profit Market Adjusted Net Asset Investment operation currency of shares interest interest Principal activities First Pacific Operations by Before Exchange Capitalization Value by Country – holds assets in Indonesia, the Philippines and Thailand, with principal CONSUMER Line of Business Differences US$billions 31 December 2000 PT Indofood Indonesia Rupiah 9.2 billion 48.0 48.0 Jakarta-based Indofood is Indonesia’s leading processed-foods group. business interests relating to Consumer, Telecommunications, and Property. US$millions US$millions Sukses Makmur Tbk Listed on the Jakarta and Surabaya stock exchanges, Indofood’s princi- Headquartered and listed in Hong Kong, First Pacific is a constituent of pal businesses are Instant Noodles, Flour and Edible Oils and Fats, as the Hang Seng Index. Its shares are also available in the United States 3.0 well as Snack Foods, Baby Foods, Food Seasonings and Distribution. 250 200 through American Depositary Receipts. Further information on Indofood can be found at www.indofood.co.id 2.5 7% 200 6% 150 2.0 The First Pacific Group acquired an additional 8.0 per cent interest 150 1.5 in December 2000.
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