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Delivering Long-Term Growth in Asia First P Acific Company L Imited a Nnual R Eport 2011

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Delivering Long-Term Growth in Asia First P Acific Company L Imited a Nnual R Eport 2011 Stock Code: 00142 ANNUAL REPORT 2011 Delivering Long-term Growth in Asia First P acific Company 24th Floor, Two Exchange Square 8 Connaught Place Central, Hong Kong SAR Telephone: +852 2842 4388 Fax: +852 2845 9243 L imited Email: [email protected] Website: www.firstpacific.com A nnual R eport 2011 24th Floor, Two Exchange Square 8 Connaught Place Central, Hong Kong SAR Telephone: +852 2842 4388 Fax: +852 2845 9243 Email: [email protected] Website: www.firstpacific.com A Chinese version of this annual report is available at www.firstpacific.com or from the Company on request. 本年報之中文版可瀏覽www.firstpacific.com或向本公司索取。 This report is printed on environmentally friendly paper Concept and design: iOne Financial Press Limited Celebrating 30 Years 2011 Increased investments in telecoms through PLDT’s acquisition of Digitel, in Meralco through Beacon Electric, in hospitals through MPIC. Listed natural resources businesses through Philex Petroleum (oil and gas exploration) and SIMP (plantations) 2010 Increased investments in Meralco through Beacon Electric (PLDT and MPIC), in hospitals through MPIC and in Philex. Listed Indofood’s consumer branded products businesses through ICBP 2009 Invested in electricity distribution (Meralco) through PLDT and MPIC. Increased investment in Philex 2008 First Pacific made its first investments in mining (Philex), and in toll roads (MPTC) through MPIC. MPIC increased investment in Maynilad. Indofood added dairy business through the acquisition of Indolakto 2007 Increased investment in PLDT. Invested in water distribution (Maynilad) and hospital (Makati Medical Center) through MPIC. Listed Indofood’s plantations businesses through IndoAgri. IndoAgri acquired Lonsum (plantations) 2006 Relisted MPIC as an infrastructure company From 1998 – 2000 Acquired PLDT in the Philippines and Indofood in Indonesia. Concluded acquisition of Smart by PLDT From 1998 With the Asian crisis, First Pacific restructured and refocused in Asia with core investments in leading companies in telecoms, consumer food products and infrastructure sectors 1996 First Pacific became a constituent of the Hang Seng Index From 1988 – 1996 First Pacific showed significant growth in marketing and distribution, property and banking divisions; and pioneered in regional telecoms investments From 1993 – 1996 Smart Communications launched cellular services in the Philippines. NTT of Japan invested in Smart Communications as a strategic investor. Acquired PDCP Bank and First e-Bank in the Philippines Invested in GSM networks in China’s Fujian Province, Shenzhen, Dongguan and Huizhou and in Taiwan’s Tuntex Telecom, rolled out GSM mobile networks in India through Escotel 1992 Acquired Far East Bank and merged it with Hong Nin Bank, renamed and listed as First Pacific Bank in Hong Kong 1989 Acquired a controlling interest in Imagineering Australia thereafter named Tech Pacific 1988 First Pacific Holdings and First Pacific International merged to form the currently listed First Pacific Company (using Shanghai Land of the Kadoorie Family as the listed shell) First investment in telecoms with the purchase of a 50% interest in Pacific Link, Hong Kong. Acquired Dragon Seed Department Store in Hong Kong, set up retail operations (System One for electronic appliances and Sports Authority for sporting goods) From 1982 – 1987 Acquired Hibernia Bank in San Francisco, a controlling interest in Hagemeyer, the Netherlands, invested in Berli Jucker in Thailand, First Pacific Davies in Hong Kong, United Savings Bank in California, Hong Nin Bank in Hong Kong and founded Metro Pacific Corporation in the Philippines 1981 First Pacific Finance Limited was founded as a financial services provider in Hong Kong (deposit-taking company or aka finance house). Start-up capital was HK$7 million (US$0.9 million) with a total staff of six (6) in a 500 square feet (50 square meters) office in Central, Hong Kong. Original name was Overseas Union Finance Limited (OUF) 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 appreciation of First Pacific and the investee companies; and • Further investment in our businesses. Our investment criteria are clear: • Investments must fit into our areas of expertise and experience (telecommunications, infrastructure, consumer food products and natural resources); • Investee companies must have a 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: • Identify undervalued or underperforming assets with strong growth potential and possible synergies which bring strong cash flows; • Manage investments by setting strategic direction, developing business plans and defining targets; and • Raise governance levels to world-class standards at the investee companies. Listed in Hong Kong, First Pacific's shares are also available for trading in the United States through American Depositary Receipts. As at 20 March 2012, First Pacific's economic interest in PLDT is 25.6%, in MPIC 59.1%, in Indofood 50.1% and in Philex * 31.3%. * Two Rivers Pacific Holdings Corporation, a Philippine affiliate of First Pacific, holds an additional 15.0% interest in Philex. First Pacific's principal investments are summarized on the inside back cover. Contents Inside Celebrating 30 Years 65 Corporate Governance Report Front 65 Governance Framework Cover 70 Remuneration Policy 1 Corporate Profile 71 Communications with Shareholders 2 Ten-year Statistical Summary 71 Continuing Connected Transactions 5 Financial Highlights 76 Risk Management and Internal Control 7 Goals 77 Financial Review 12 Review of Operations 77 Liquidity and Financial Resources 12 First Pacific 80 Financial Risk Management 16 PLDT 84 Adjusted NAV Per Share 24 MPIC 85 Statutory Reports, Consolidated Financial Statements and 34 Indofood Notes to the Consolidated Financial Statements 44 Philex 172 Glossary of Terms 51 Chairman’s Letter 174 Information for Investors 52 Managing Director and Chief Executive Officer’s Letter Inside Summary of Principal Investments 54 Board of Directors and Senior Executives Back 60 Corporate Social Responsibility Report Cover First Pacific Company Limited Annual Report 2011 01 Ten-year Statistical Summary 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Results (US$millions) Turnover 5,684.1 4,640.2 3,925.6 4,105.3 3,040.8 2,474.8 1,986.1 2,054.6 2,161.8 1,892.3 Profit for the year 1,135.6 775.5 661.4 336.6 665.6 221.7 138.8 168.2 134.9 79.6 Profit attributable to owners of the parent 600.9 403.7 401.6 200.8 504.8 164.5 103.0 123.9 74.1 38.2 Contribution from operations 511.8 474.0 335.2 304.4 244.8 173.7 142.5 142.5 110.2 65.6 Recurring profit 423.0 402.1 286.6 239.2 186.7 134.4 103.9 116.3 88.4 51.1 Ordinary share dividends 109.8 99.4 56.1 37.0 41.1 22.4 12.3 – – – Per Ordinary Share Data (U.S.cents) Basic earnings 15.51 10.40 11.71 5.91 14.91 4.89 3.07 3.69 2.21 1.15 Basic recurring earnings 10.92 10.36 8.36 7.04 5.52 3.99 3.09 3.46 2.63 1.54 Dividends 2.85 2.55 1.54 1.15 1.28 0.70 0.39 – – – Equity/(deficit) attributable to owners of the parent 78.50 65.99 49.64 35.17 35.09 18.18 12.00 7.14 1.60 (0.81) Financial Ratios Return on average net assets (%) 15.01 16.11 15.20 18.88 18.96 20.95 21.21 32.38 31.03 26.30 Return on average equity attributable to owners of the parent (%) 15.11 17.91 18.82 21.16 21.79 27.84 34.05 83.52 696.06 N/A Dividend payout ratio (%) 25.96 24.72 19.57 15.47 22.01 16.67 11.84 – – – Dividend cover (times) 3.85 4.05 5.11 6.46 4.54 6.00 8.45 – – – Interest cover (times) 7.18 5.02 3.67 4.76 3.89 3.35 2.64 2.93 2.59 2.41 Current ratio (times) 1.57 1.85 1.37 0.87 0.94 1.21 1.45 1.42 1.71 1.02 Gearing ratio (times) – Consolidated 0.26 0.33 0.67 1.06 0.68 0.83 1.12 1.45 2.12 2.46 – Company 0.71 0.46 0.36 0.47 0.35 0.16 0.11 0.10 0.12 0.15 02 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Consolidated Statement of Financial Position Data (US$millions) Capital expenditure 561.7 513.7 389.8 300.5 106.3 46.3 56.6 105.1 72.6 92.2 Total assets 12,611.8 10,914.1 9,397.3 7,199.0 5,221.1 2,883.5 2,347.1 2,168.7 2,213.5 2,469.5 Net debt 1,764.8 1,847.0 2,719.5 2,520.8 1,443.8 857.2 788.5 854.3 907.7 1,136.7 Total liabilities 5,732.6 5,302.0 5,358.2 4,823.8 3,098.1 1,850.7 1,640.4 1,577.6 1,785.7 2,007.1 Net current assets/(liabilities) 1,193.0 1,278.4 594.3 (264.7) (86.9) 175.0 292.8 251.9 443.6 20.6 Total assets less current liabilities 10,508.8 9,409.3 7,797.0 5,123.3 3,665.1 2,034.8 1,697.0 1,571.2 1,589.4 1,456.0 Equity/(deficit) attributable to owners of the parent 3,022.7 2,575.2 1,916.2 1,130.1 1,131.3 582.7 382.8 227.4 51.1 (25.7) Total equity 6,879.2 5,612.1 4,039.1 2,375.2 2,123.0 1,032.8 706.7 591.1 427.8 462.4 Other Information (at 31 December) Company’s net debt (US$millions)(i) 1,170.3 816.9 651.7 731.3 532.4 237.9 152.6 103.3 96.9 152.1 Number of shares in issue (millions) 3,850.4 3,902.4 3,860.3 3,213.4 3,224.1 3,204.8 3,188.8 3,186.0 3,186.0 3,186.0 Weighted average number of shares in issue during the year (millions) 3,874.6 3,880.4 3,428.5 3,397.7 3,384.9 3,365.5 3,358.9 3,358.1 3,358.1 3,322.5 Share price (HK$) – after rights
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